Intact Investment Management Inc. Boosts Stock Position in Fortis (NYSE:FTS)

Intact Investment Management Inc. lifted its stake in shares of Fortis (NYSE:FTS - Free Report) by 151.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 440,370 shares of the utilities provider's stock after purchasing an additional 265,570 shares during the quarter. Intact Investment Management Inc. owned 0.09% of Fortis worth $20,062,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of FTS. SG Americas Securities LLC bought a new position in shares of Fortis in the first quarter worth about $393,000. Farther Finance Advisors LLC raised its stake in shares of Fortis by 286.7% during the first quarter. Farther Finance Advisors LLC now owns 1,106 shares of the utilities provider's stock valued at $51,000 after acquiring an additional 820 shares during the last quarter. NBC Securities Inc. lifted its holdings in shares of Fortis by 158,500.0% during the first quarter. NBC Securities Inc. now owns 1,586 shares of the utilities provider's stock worth $72,000 after purchasing an additional 1,585 shares during the period. GAMMA Investing LLC bought a new stake in shares of Fortis in the first quarter worth $864,000. Finally, Versant Capital Management Inc increased its holdings in Fortis by 573.1% in the first quarter. Versant Capital Management Inc now owns 6,771 shares of the utilities provider's stock valued at $309,000 after purchasing an additional 5,765 shares during the period. Institutional investors own 57.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FTS shares. Desjardins began coverage on Fortis in a research report on Tuesday, May 6th. They issued a "hold" rating on the stock. Royal Bank Of Canada increased their target price on shares of Fortis from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Thursday, May 8th. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $72.00.

Fortis Stock Down 0.5%

NYSE FTS traded down $0.22 on Tuesday, hitting $47.36. 558,844 shares of the company were exchanged, compared to its average volume of 611,168. The company has a current ratio of 0.76, a quick ratio of 0.63 and a debt-to-equity ratio of 1.34. The company has a market cap of $23.76 billion, a PE ratio of 19.98, a PEG ratio of 3.85 and a beta of 0.49. The stock has a fifty day moving average of $48.03 and a 200-day moving average of $45.07. Fortis has a 12 month low of $38.50 and a 12 month high of $50.06.

Fortis (NYSE:FTS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The business had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $3.42 billion. Fortis had a net margin of 14.20% and a return on equity of 7.08%. During the same quarter last year, the firm earned $0.93 EPS. As a group, analysts forecast that Fortis will post 2.35 earnings per share for the current year.

Fortis Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.