Tickers: TSX: FTS, NYSE: FTS – Data as of the morning of December 3, 2025. This article is for information only and is not investment advice.
Quick take: what’s happening with Fortis stock today?
On December 3, 2025, Fortis Inc. stock is trading near the top of its 52‑week range after breaking decisively above its 200‑day moving average on the Toronto Stock Exchange. Shares recently changed hands around C$72–73 on the TSX and about US$51.6 on the NYSE, giving the regulated utility a market capitalization of roughly US$25.9 billion.
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Fortis has also just completed a major strategic update:
Reported solid Q3 2025 results and a new C$28.8 billion capital plan for 2026–2030, supporting ~7% annual rate‑base growth.
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Announced a 4% dividend increase for Q4 2025, extending its 4–6% annual dividend‑growth guidance through 2030 and marking 52 consecutive years of dividend hikes.
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Completed sales of Caribbean assets to move to 100% regulated utilities, simplifying the business and helping fund its record capex plan.
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Today’s news cycle also features fresh technical and institutional headlines: Fortis has crossed above its 200‑day moving average on the TSX, and large investors like HSBC and 1832 Asset Management have disclosed modest trims to sizeable positions.
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Below, we’ll unpack what all of this means for the Fortis share price, dividend outlook and 2026–2030 forecast.
- Fortis stock price snapshot on December 3, 2025
TSX listing (FTS.TO):
Recently around C$72.27, after trading as high as C$73.25, versus a 200‑day moving average of C$68.55 and a 52‑week range roughly C$58–74.
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MarketBeat cites a market capitalization near C$36 billion, a P/E around 21–22, beta ~0.29, and a dividend yield near 3.5% at today’s price.
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NYSE listing (FTS):
Trading around US$51.6 late morning on December 3, 2025.
StockAnalysis
StockAnalysis estimates a US$25.9 billion market cap, up about 18% year‑over‑year, with enterprise value around US$52.9 billion.
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From the company’s own overview, Fortis controls about C$75 billion in assets, serves 3.5 million electricity and gas customers through nine regulated utilities across Canada, the U.S. and the Caribbean, and generates roughly 94% of its earnings from transmission and distribution assets.
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In other words: you’re not looking at a speculative story stock here. Fortis is being priced by the market as a large, low‑beta, core utility holding that has quietly rallied back to near-record levels in 2025.
- Today’s headlines (December 3, 2025): technical breakout and institutional moves
2.1. Shares break above the 200‑day moving average
MarketBeat reports that Fortis’s TSX‑listed shares have crossed above their 200‑day moving average, a widely watched technical indicator:
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200‑day moving average: C$68.55
Intraday high: C$73.25
Last trade (in article): C$72.27
Volume: ~2.8 million shares – well above typical daily volume
This move confirms a strong recovery from last year’s utility-sector weakness and aligns with other momentum indicators:
Investor’s Business Daily notes Fortis’s Relative Strength Rating recently improved from 69 to 73, with the stock still described as being within a technical “buy zone” after clearing a flat-base entry around US$51.45.
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For technically minded investors, that combination – new strength versus the market plus leadership within the diversified utilities group – reinforces the narrative that Fortis has transitioned from “bond proxy left for dead in 2023–24” back to a steady compounder.
2.2. Modest trims from big institutional holders
Two separate 13F‑based articles from MarketBeat released this morning highlight changes in institutional ownership of Fortis’s NYSE‑listed shares:
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HSBC Holdings PLC
Trimmed its Fortis stake by 6.8% in Q2.
Now holds 300,707 shares, worth about US$14.4 million, or ~0.06% of the company.
1832 Asset Management L.P.
Reduced its position by 4.1%, selling roughly 356,000 shares.
Still owns 8.40 million shares, representing about 1.67% of Fortis and valued around US$400.8 million.
The same filings show other large investors increasing or maintaining exposure, including Goldman Sachs, Vanguard, Geode and Canadian institutions, with overall institutional ownership near 58% of the float.
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Taken together, the December 3 headlines don’t signal a mass exodus from Fortis. Instead they show normal portfolio rebalancing by big funds after a strong year for the stock, against a backdrop where institutions still dominate the shareholder base.
- Q3 2025 earnings: steady EPS growth and a record capital plan
The foundation for today’s price action was laid on November 4, 2025, when Fortis reported Q3 2025 results and unveiled its latest multi‑year plan.
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3.1. Q3 2025 performance at a glance
From the company’s designated news release and earnings‑call summary:
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Net earnings:
Q3 2025 net income of C$409 million, or C$0.81 per share – down from C$0.85 in Q3 2024 due to C$32 million in taxes and closing costs tied to the sale of FortisTCI.
Adjusted earnings:
Adjusted EPS: C$0.87, up from C$0.85 a year earlier.
Adjusted net earnings: about C$441 million, up C$21 million year‑on‑year.
Year‑to‑date (YTD) 2025:
Reported EPS: roughly C$2.57.
Adjusted EPS: C$2.63, up C$0.18 vs. the same period in 2024.
Capital expenditures:
C$4.2 billion invested through September; full‑year 2025 capex expected around C$5.6 billion.
Segment commentary from the slides and call highlights indicates that growth was broad‑based across U.S. transmission (ITC), U.S. electric and gas utilities, and Western Canadian operations, partially offset by timing of costs, regulatory changes and FX.
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3.2. A C$28.8 billion capital plan and 7% rate‑base growth
The biggest strategic headline: Fortis introduced its largest‑ever, fully regulated capital plan for 2026–2030, totalling C$28.8 billion, which is C$2.8 billion higher than the prior five‑year plan.
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Key points:
Rate base growth:
Management expects the regulated rate base to climb from about C$42 billion in 2025 to C$58 billion by 2030, a roughly C$16 billion increase – equating to ~7% compound annual growth.
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Capex focus areas:
Transmission build‑out at ITC, including MISO long‑range transmission plan (LRTP) projects.
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UNS Energy in Arizona, where surging power demand (including potential data‑centre load) is driving upgrades in generation, transmission and distribution.
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FortisBC natural gas and LNG infrastructure, including the Tilbury LNG Storage Expansion and related projects.
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Optionality beyond 2030:
The slides highlight billions of dollars of additional potential projects – including further MISO transmission work, data‑centre‑driven load growth and incremental LNG build‑out – that aren’t fully baked into the current plan, but could extend growth into the 2030s.
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An Investing.com/GuruFocus summary of the call emphasised the same themes: a C$28.8B plan, 7% rate base CAGR, and a transition to 100% regulated assets after disposing of FortisTCI and Belize operations.
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- Dividend hike, yield and long‑term income profile
4.1. Q4 2025 dividend increase
Alongside Q3 results, Fortis announced a 4.1% increase in its quarterly common share dividend:
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New quarterly dividend: C$0.64 per share, up from C$0.62.
Annualised rate: C$2.56 per share, implying a dividend yield of roughly 3.5% at recent TSX prices.
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The company also extended its 4–6% annual dividend‑growth guidance through 2030, backed by its capital plan and rate‑base growth profile.
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4.2. 52‑year dividend streak and growth metrics
With the latest increase, Fortis now boasts 52 consecutive years of dividend increases, putting it among North America’s longest‑tenured dividend growers.
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Independent dividend trackers show:
Current yield: ~3.4–3.6%, depending on whether you look at the U.S. or Canadian listing.
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Payout ratio: Around 73–75% of earnings, which is high but typical for a regulated utility with stable cash flows.
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5‑year dividend growth: Roughly 4.8–5% annually.
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A December 2025 update from MillionDollarJourney places Fortis in its Top 10 Canadian dividend growth stocks, citing a dividend yield of ~3.51%, 5‑year EPS growth of ~5% and 5‑year dividend‑growth of ~4.9%, with a payout ratio in the mid‑70s.
Million Dollar Journey
The broader takeaway: Fortis is unlikely to ever yield 7–8%, but it offers moderately above‑bond income plus mid‑single‑digit growth, which historically has compounded into double‑digit total returns over the long run. The company itself highlights a 10‑year average annual total shareholder return of about 10.5%.
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- Analyst ratings and 12‑month price targets heading into 2026
5.1. TSX‑listed shares (FTS.TO)
MarketBeat’s Canadian forecast page summarises nine sell‑side analysts covering Fortis on the TSX:
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Consensus rating: “Moderate Buy”
Average 12‑month price target: C$73.65
High target: C$79
Low target: C$63
Implied upside from around C$72–73: roughly 2% (i.e., analysts see limited near‑term capital gains from current levels).
Recent target changes cited in the December 3 MarketBeat technical piece include:
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Royal Bank of Canada: Target raised from C$72 to C$79, with an “Outperform/Buy”‑type view.
Desjardins: Target increased from C$76 to C$79, rating “Buy”.
CIBC: Target up from C$74 to C$75.
National Bank: Target moved from C$65 to C$67, with a “Sector Perform” stance.
TipRanks shows a similar picture for the TSX listing:
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9 analysts, average target about C$73.4,
High: ~C$79.6, Low: ~C$65.5,
Consensus rating: “Hold”, reflecting the idea that valuation is close to fair value after 2025’s rally.
5.2. NYSE‑listed shares (FTS)
U.S. coverage is thinner:
StockAnalysis reports one U.S. analyst with a US$72 price target, implying ~39% upside from about US$51.6, and a consensus rating of “Hold”.
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Yahoo Finance’s Argus note assigns Fortis a “Buy” rating with a US$55 target, signalling modest single‑digit upside on the NYSE line.
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The difference between Canadian and U.S. upside estimates mostly reflects different starting prices and currency, not radically different views on the underlying business.
5.3. Consensus trend: slightly more optimistic
Equity‑research aggregation from Simply Wall St indicates that Fortis’s consensus analyst price target has ticked up recently, from about C$69.5 to C$71.4, alongside higher revenue‑growth and margin assumptions (revenue growth estimate lifted to ~4.8%, net margin to ~15.6%).
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Overall, analysts see Fortis as:
Financially solid and low‑risk,
Fully valued to slightly rich on traditional metrics (P/E ~21, PEG ~3),
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With expected returns driven more by dividend + mid‑single‑digit growth than by multiple expansion from here.
- Strategic outlook: one of the clearest growth roadmaps in utilities?
A November 17, 2025 deep‑dive by TIKR describes Fortis as entering 2026 with “one of the clearest growth roadmaps in utilities”, thanks to its detailed capex plan and regulatory visibility.
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Key highlights from that analysis (paraphrased):
Business model:
Fortis operates a diversified portfolio of fully regulated electric and gas utilities across North America, producing predictable earnings and cash flows.
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Earnings trend:
Q3 2025 adjusted EPS of US$0.87, up 2¢ year‑on‑year,
YTD adjusted EPS of US$2.63 vs. US$2.45 in 2024, driven by rate‑base growth at ITC, U.S. utilities and Western Canada.
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Capex and liquidity:
Capex through Q3: C$4.2B; full‑year plan C$5.6B.
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Available liquidity around C$5.8B, supported in part by a C$750M hybrid issuance at ~5.1%, with management targeting metrics consistent with investment‑grade credit ratings (A‑ / Baa3‑type range).
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Growth drivers:
Transmission expansion (MISO LRTP projects at ITC),
Data‑centre and industrial load growth in Arizona,
LNG projects and gas infrastructure at FortisBC, including upside from the Tilbury LNG Storage Expansion after a recent regulatory approval.
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TIKR notes that, using consensus estimates and its internal valuation model, Fortis could deliver total returns of just under 24% over the next four years in a base case – a blend of earnings growth, modest multiple assumptions and the dividend.
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That’s not a guarantee, but it underlines why Fortis remains a favourite among long‑term income investors.
- Valuation and fundamentals in context
Combining the various data points:
Profitability:
Q3 2025 ROE ~7.5% and net margin ~14.5%.
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Net margin forecasts nudging into the mid‑teens in consensus models.
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Balance sheet:
Investment‑grade ratings (e.g., A‑ / BBB+ / Baa3) and credit facilities of roughly C$7.8B, about half of which was undrawn at the end of Q3 2025.
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Market valuation:
P/E: ~21–22x trailing earnings,
PEG: around 3x,
Dividend yield: ~3.5%,
1‑year market‑cap growth: ~18%.
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For comparison, a Canadian dividend‑investing service that ranks top dividend growers assigns Fortis a P/E ~20.6 and a 5‑year revenue CAGR near 5.9%, broadly consistent with the numbers above.
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The picture is of a quality, low‑volatility compounder that’s not a screaming bargain, but also not wildly expensive relative to its stability and multi‑decade track record.
- Key risks: what could go wrong?
Even a “defensive” utility isn’t risk‑free. Some of the main watch‑points for Fortis include:
Interest‑rate sensitivity
Higher long‑term rates raise the cost of debt and can pressure valuation multiples for bond‑like stocks. If rate cuts are slower or more limited than markets expect, utilities like Fortis could see multiple compression, even if earnings grow.
Regulatory outcomes
Fortis’s growth depends on constructive rate decisions in jurisdictions like Arizona, New York, British Columbia and various MISO regions. While recent decisions – such as Central Hudson’s three‑year rate plan with a 9.5% ROE – have been supportive, future rate cases could be less generous.
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Execution on mega‑projects
The C$28.8B capital plan and associated “above‑plan” optionality in MISO LRTP, Tilbury LNG and data‑centre‑driven load require on‑time, on‑budget execution. Delays, cost overruns or changes in demand could dent returns.
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Currency and macro risk
With a significant U.S. footprint, Fortis’s results are sensitive to USD/CAD exchange rates, and macro slowdowns could impact industrial demand in its service territories.
Valuation risk
With the stock trading near its 52‑week high and around or above consensus price targets, any negative surprise – regulatory, macro or rate‑related – could trigger a pullback from elevated levels.
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- Is Fortis stock a buy, hold or sell in December 2025?
Whether Fortis Inc. is attractive for you right now depends on what you want from your portfolio.
Fortis looks compelling if you:
Prioritise stability and income over high‑octane growth.
Want exposure to regulated electric and gas infrastructure across North America.
Value a 52‑year dividend‑growth streak and 4–6% targeted annual dividend increases through 2030.
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Are comfortable with modest capital‑gain expectations, where total returns are driven mostly by dividends + mid‑single‑digit earnings growth.
You might hesitate if you:
Are looking for deep value – Fortis trades at a premium to many cyclicals and some other utilities.
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Want high growth; consensus revenue growth expectations of ~4–5% per year are solid but not explosive.
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Believe interest rates will stay high for longer, putting ongoing pressure on the entire yield‑sensitive equity complex.
- Bottom line
On December 3, 2025, Fortis Inc. stock sits in a strong strategic and financial position:
Near 52‑week highs, having just broken above its 200‑day moving average, with improving relative strength.
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Backed by a record C$28.8B capital plan and 7% projected rate‑base growth through 2030.
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Offering a 3.5%‑ish dividend yield, 4–6% guided dividend growth, and a 52‑year streak of increases.
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Viewed by analysts as high quality but near fair value, with consensus TSX price targets only slightly above the current share price.
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For long‑term, income‑focused investors, Fortis still looks like what it has been for decades: a defensive, regulated utility designed to grind out steady, inflation‑beating total returns, rather than a stock you buy hoping for a quick double.
Before making any decision, it’s wise to:
Check how Fortis fits into your overall asset allocation,
Review the latest company filings and local tax rules, and
Consider speaking with a licensed financial adviser who understands your personal circumstances.
