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FTS

Fortis

$31.89

0.34 (1.08%)

06:18
10/15/18
10/15
06:18
10/15/18
06:18

Fortis provides new five-year outlook

Fortis announced its five-year capital investment plan of $17.3 billion for the period 2019 to 2023, up $2.8 billion from the prior year's plan. Consolidated rate base is projected to increase from $26.1 billion in 2018 to approximately $32.0 billion in 2021 and $35.5 billion in 2023, translating into a three and five-year compound annual growth rate of 7.1% and 6.3%, respectively. The Corporation's Board of Directors also announced a 2.5c or 5.9% increase in the fourth quarter 2018 common share dividend. Fortis President and CEO Barry Perry said: "Our five-year capital investment plan has increased nearly 20% over the plan announced at this time last year." "Key industry trends including grid modernization, the delivery of cleaner energy and electrification, will result in incremental investments in the U.S. Midwest ($900 million), Arizona ($600 million) and Ontario ($600 million)," said Perry. "Projects that address system capacity and improve safety and reliability for our customers are also driving additional investment at our natural gas operations in British Columbia ($600 million)." The Corporation's capital investment plan is virtually all occurring at its regulated utility businesses and consists mostly of a diversified mix of highly executable, low-risk projects. It is expected that the capital investment plan will be funded with cash from operations, debt raised at the utilities and common equity from the Corporation's dividend reinvestment plan. The remaining funds required to finance the increased growth in regulated North American assets are expected to be generated from asset sales, with approximately $1 billion to $2 billion of proceeds expected over the five-year planning period. The Corporation's at-the-market common equity program will also be available to provide further financing flexibility. "We are committed to maintaining our investment grade credit ratings as we continue to grow our regulated utility businesses across North America and deliver on our 6% average annual dividend growth target," said Perry. "Our portfolio of high quality regulated electric transmission, electric distribution and natural gas distribution utilities, coupled with our expected growth rate, presents a compelling low-risk value proposition for our shareholders." Beyond the base capital investment plan, Fortis continues to pursue additional sustainable organic growth and near and long-term development projects. Key development projects not yet included in the capital investment plan include a small-scale LNG export terminal at the Tilbury facility in British Columbia; the fully permitted, cross-border, Lake Erie Connector electric transmission project in Ontario; and the Big Chino Valley Pumped Storage project in Arizona.

  • 16

    Oct

  • 11

    Nov

FTS Fortis
$31.89

0.34 (1.08%)

10/09/18
BOFA
10/09/18
INITIATION
Target $34.62
BOFA
Buy
Fortis initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Nicholas Campanella initiated Fortis with a Buy and $34.62 price target saying it is well positioned among peers to benefit from US ratebase growth exposure.
05/01/18
UBSW
05/01/18
INITIATION
Target $48
UBSW
Buy
Fortis initiated with a Buy at UBS
UBS analyst Ross Fowler started Fortis with a Buy rating and $48 price target.
05/01/18
SCOT
05/01/18
DOWNGRADE
SCOT
Sector Perform
Fortis downgraded to Sector Perform from Outperform at Scotiabank
Scotiabank analyst Robert Hope downgraded Fortis to Sector Perform from Outperform with a C$48 price target.
02/16/18
02/16/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Huntington Ingalls (HII) upgraded to Outperform from Neutral at Credit Suisse with analyst Robert Spingarn saying even with the stock up 30% since the beginning of last year, the company is "particularly well positioned for investors." 2. Waste Management (WM) upgraded to Outperform from Market Perform at Raymond James. 3. Fortis (FTS) was upgraded to Sector Perform from Underperform at National Bank and to Outperform from Neutral. 4. Encana (ECA) was upgraded to Outperform from Market Perform at Bernstein, to Outperform from Sector Perform at Scotiabank, and to Buy on valuation at Societe Generale. 5. Omnicom (OMC) was upgraded to Neutral from Underperform at Macquarie and to Outperform from Market Perform at BMO Capital. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

EFC

Ellington Financial

$18.79

0.01 (0.05%)

20:29
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Syndicate
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    Nov

HD

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, MDT

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$111.25

-0.86 (-0.77%)

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Earnings
Notable companies reporting before tomorrow's open »

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HD

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1.64 (0.69%)

MDT

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ACY

AeroCentury

$3.31

-0.66 (-16.62%)

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MYOV

Myovant Sciences

$6.02

-0.14 (-2.27%)

19:29
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INVH

Invitation Homes

$29.95

-0.04 (-0.13%)

18:47
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Invitation Homes CEO sells 70K shares of common stock »

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BA

Boeing

$369.50

-2.05 (-0.55%)

, LUV

Southwest

$57.77

-0.03 (-0.05%)

18:44
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Periodicals
Boeing to provide Southwest board with 737 MAX update this week, Reuters says »

Boeing (BA) this week…

BA

Boeing

$369.50

-2.05 (-0.55%)

LUV

Southwest

$57.77

-0.03 (-0.05%)

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  • 12

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GBDC

Golub Capital

$17.79

0.045 (0.25%)

18:42
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11/18
18:42
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18:42
Upgrade
Golub Capital rating change at Keefe Bruyette »

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  • 26

    Nov

GM

General Motors

$36.62

-0.25 (-0.68%)

, TM

Toyota

$143.53

-0.76 (-0.53%)

18:42
11/18/19
11/18
18:42
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Periodicals
CA to halt purchase of GM, Toyota, Fiat Chrysler vehicles, Reuters reports »

The state of California…

GM

General Motors

$36.62

-0.25 (-0.68%)

TM

Toyota

$143.53

-0.76 (-0.53%)

FCAU

Fiat Chrysler

$15.63

-0.39 (-2.43%)

NSANY

Nissan

$0.00

(0.00%)

03/08/13
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03/06/13
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  • 19

    Nov

CRMT

America's Car-Mart

$90.88

3.22 (3.67%)

, WUBA

58.com

$50.26

-1.35 (-2.62%)

18:38
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Fly Intel: After Hours Movers »

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CRMT

America's Car-Mart

$90.88

3.22 (3.67%)

WUBA

58.com

$50.26

-1.35 (-2.62%)

BILI

Bilibili

$16.39

-0.32 (-1.92%)

SAEX

SAExploration

$1.51

-0.05 (-3.21%)

CLVS

Clovis

$7.05

0.68 (10.68%)

NOW

ServiceNow

$266.56

6.65 (2.56%)

OKTA

Okta

$121.21

3.76 (3.20%)

SPLK

Splunk

$122.64

3.49 (2.93%)

WWD

Woodward

$113.64

-1.15 (-1.00%)

KRNT

Kornit Digital

$33.07

-1.13 (-3.30%)

ASH

Ashland

$78.65

0.03 (0.04%)

VNET

21Vianet

$8.28

0.23 (2.86%)

DHT

DHT Holdings

$7.52

-0.2 (-2.59%)

KRTX

Karuna Therapeutics

$94.70

77.44 (448.67%)

EGHT

8x8, Inc.

$20.78

0.13 (0.63%)

I

Intelsat

$7.98

-5.42 (-40.45%)

PFGC

Performance Food Group

$46.09

-0.08 (-0.17%)

EFC

Ellington Financial

$18.79

0.01 (0.05%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 21

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LEVI

Levi Strauss

$17.06

-0.115 (-0.67%)

18:31
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Hot Stocks
Levi Strauss CEO: I believe in the importance of innovation »

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CSCO

Cisco

$45.17

0.07 (0.16%)

18:17
11/18/19
11/18
18:17
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18:17
Periodicals
Cisco sues former employees over claims of trade secret theft, Bloomberg says »

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  • 09

    Dec

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  • 12

    Feb

ABBV

AbbVie

$88.71

0.07 (0.08%)

18:09
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Hot Stocks
AbbVie treatment of myelofibrosis granted FDA orphan status »

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  • 07

    Dec

PRQR

ProQR Therapeutics

$6.27

-0.64 (-9.26%)

18:06
11/18/19
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Hot Stocks
ProQR Therapeutics treatment of retinal dystrophy in P23H granted orphan status »

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BILI

Bilibili

$16.39

-0.32 (-1.92%)

18:04
11/18/19
11/18
18:04
11/18/19
18:04
Earnings
Bilibili sees Q4 revenue RMB1.93B-RMB1.98B »

Q4 revenue consensus…

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  • 18

    Nov

WUBA

58.com

$50.26

-1.35 (-2.62%)

18:03
11/18/19
11/18
18:03
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18:03
Earnings
58.com sees Q4 revenue up 12%-15% in RMB terms »

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  • 19

    Nov

BILI

Bilibili

$16.39

-0.32 (-1.92%)

18:03
11/18/19
11/18
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18:03
Hot Stocks
Bilibili reports average MAUs reached 127.9M in Q3 »

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  • 18

    Nov

WUBA

58.com

$50.26

-1.35 (-2.62%)

18:03
11/18/19
11/18
18:03
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18:03
Earnings
58.com reports Q3 adjusted EPS 96c, consensus 82c »

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  • 19

    Nov

BILI

Bilibili

$16.39

-0.32 (-1.92%)

18:01
11/18/19
11/18
18:01
11/18/19
18:01
Earnings
Bilibili reports Q3 adjusted EPS (15c), consensus (14c) »

Reports Q3 revenue…

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  • 18

    Nov

DDOG

Datadog

$40.36

-0.33 (-0.81%)

, AMZN

Amazon.com

$1,752.70

15.21 (0.88%)

17:56
11/18/19
11/18
17:56
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17:56
Hot Stocks
Datadog announces support for AWS CloudFormation Registry and CLI »

Datadog (DDOG) announced…

DDOG

Datadog

$40.36

-0.33 (-0.81%)

AMZN

Amazon.com

$1,752.70

15.21 (0.88%)

03/08/13
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  • 19

    Nov

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  • 20

    Nov

17:55
11/18/19
11/18
17:55
11/18/19
17:55
Conference/Events
Morgan Stanley analyst to hold an analyst/industry conference call »

Managing Director &…

GVA

Granite Construction

$26.50

-0.6 (-2.21%)

17:54
11/18/19
11/18
17:54
11/18/19
17:54
Hot Stocks
Granite Construction awarded $14M airfield improvement project in California »

Granite announced it was…

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ZS

Zscaler

$44.46

-1.37 (-2.99%)

, MSFT

Microsoft

$150.35

0.4 (0.27%)

17:51
11/18/19
11/18
17:51
11/18/19
17:51
Initiation
Zscaler, Microsoft initiated at DA Davidson »

Zscaler initiated with a…

ZS

Zscaler

$44.46

-1.37 (-2.99%)

MSFT

Microsoft

$150.35

0.4 (0.27%)

03/08/13
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03/06/13
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03/06/13
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  • 20

    Nov

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    Dec

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    Dec

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    Dec

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    Dec

OKTA

Okta

$121.21

3.76 (3.20%)

17:51
11/18/19
11/18
17:51
11/18/19
17:51
Upgrade
Okta rating change at DA Davidson »

Okta pullback represents…

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  • 05

    Dec

  • 16

    Dec

PANW

Palo Alto Networks

$248.50

1.465 (0.59%)

17:48
11/18/19
11/18
17:48
11/18/19
17:48
Initiation
Palo Alto Networks initiated at DA Davidson »

Palo Alto Networks…

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  • 25

    Nov

  • 09

    Dec

CRWD

Crowdstrike

$57.06

-2.73 (-4.57%)

, AMZN

Amazon.com

$1,752.70

15.21 (0.88%)

17:47
11/18/19
11/18
17:47
11/18/19
17:47
Initiation
Crowdstrike, Amazon.com initiated at DA Davidson »

Crowdstrike valuation…

CRWD

Crowdstrike

$57.06

-2.73 (-4.57%)

AMZN

Amazon.com

$1,752.70

15.21 (0.88%)

03/08/13
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