Q: Can you explain why FTS dropped so much today? I thought the quarterly report yesterday was quite decent - did I miss something? I didn't hear the conference call - was that the problem?
5i Research Answer:
FTS earnings beat estimates, and the quarter was decent. It did, however, cite energy price volatility, supply chain issues and persistent inflation as potential concerns. Both Raymond James and TD cut their target prices, which is likely the cause of the drop here. It did not raise its dividend, which may have disappointed some investor, and US interest rates have ticked up this week as well.