Twinbeech Capital LP Purchases New Position in Fortis Inc. (NYSE:FTS)

Twinbeech Capital LP bought a new position in shares of Fortis Inc. (NYSE:FTS - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 7,275 shares of the utilities provider's stock, valued at approximately $302,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Two Sigma Investments LP purchased a new position in Fortis in the fourth quarter valued at $289,000. Toronto Dominion Bank boosted its stake in shares of Fortis by 10.9% in the 4th quarter. Toronto Dominion Bank now owns 6,218,116 shares of the utilities provider's stock valued at $258,068,000 after buying an additional 612,395 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Fortis in the 4th quarter valued at about $22,869,000. Polar Asset Management Partners Inc. grew its position in shares of Fortis by 48.8% during the fourth quarter. Polar Asset Management Partners Inc. now owns 59,512 shares of the utilities provider's stock worth $2,474,000 after buying an additional 19,512 shares in the last quarter. Finally, Quantinno Capital Management LP increased its stake in shares of Fortis by 12.1% during the fourth quarter. Quantinno Capital Management LP now owns 119,334 shares of the utilities provider's stock worth $4,961,000 after buying an additional 12,871 shares during the period. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

Fortis Trading Up 1.0%

FTS traded up $0.49 during trading on Tuesday, hitting $48.85. The company's stock had a trading volume of 222,756 shares, compared to its average volume of 626,651. Fortis Inc. has a twelve month low of $38.15 and a twelve month high of $50.06. The firm's 50 day moving average price is $47.05 and its 200-day moving average price is $44.62. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a market cap of $24.51 billion, a PE ratio of 20.70, a PEG ratio of 3.94 and a beta of 0.50.

Fortis (NYSE:FTS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Fortis had a net margin of 14.12% and a return on equity of 7.09%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $3.42 billion. During the same period in the prior year, the firm posted $0.93 EPS. On average, analysts expect that Fortis Inc. will post 2.35 earnings per share for the current year.

Wall Street Analyst Weigh In

FTS has been the subject of a number of recent research reports. Jefferies Financial Group initiated coverage on shares of Fortis in a research note on Thursday, February 13th. They issued a "hold" rating for the company. Desjardins began coverage on shares of Fortis in a research report on Tuesday, May 6th. They set a "hold" rating for the company. Finally, Royal Bank of Canada increased their target price on Fortis from $69.00 to $72.00 and gave the company a "sector perform" rating in a report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $72.00.

Fortis Company 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.