Point72 Asset Management L.P. Acquires Shares of 551,058 Fortis Inc. (NYSE:FTS)

Point72 Asset Management L.P. purchased a new stake in shares of Fortis Inc. (NYSE:FTS - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 551,058 shares of the utilities provider's stock, valued at approximately $22,869,000. Point72 Asset Management L.P. owned 0.11% of Fortis at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Polar Asset Management Partners Inc. lifted its position in shares of Fortis by 48.8% during the 4th quarter. Polar Asset Management Partners Inc. now owns 59,512 shares of the utilities provider's stock valued at $2,474,000 after acquiring an additional 19,512 shares during the period. Quantinno Capital Management LP lifted its position in shares of Fortis by 12.1% during the 4th quarter. Quantinno Capital Management LP now owns 119,334 shares of the utilities provider's stock valued at $4,961,000 after acquiring an additional 12,871 shares during the period. JARISLOWSKY FRASER Ltd lifted its position in shares of Fortis by 13.8% during the 4th quarter. JARISLOWSKY FRASER Ltd now owns 22,417 shares of the utilities provider's stock valued at $931,000 after acquiring an additional 2,712 shares during the period. Ewing Morris & Co. Investment Partners Ltd. acquired a new stake in shares of Fortis during the 4th quarter valued at approximately $2,567,000. Finally, Deutsche Bank AG lifted its position in shares of Fortis by 1.5% during the 4th quarter. Deutsche Bank AG now owns 764,301 shares of the utilities provider's stock valued at $31,772,000 after acquiring an additional 11,400 shares during the period. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Trading Down 0.3%

Shares of Fortis stock opened at $47.13 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.63. Fortis Inc. has a 1 year low of $38.15 and a 1 year high of $50.06. The company has a market capitalization of $23.64 billion, a P/E ratio of 19.97, a P/E/G ratio of 3.94 and a beta of 0.50. The business has a 50 day moving average price of $46.69 and a 200 day moving average price of $44.41.

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FTS. Desjardins began coverage on shares of Fortis in a research report on Tuesday, May 6th. They set a "hold" rating for the company. Royal Bank of Canada lifted their price target 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. Finally, Jefferies Financial Group started coverage on Fortis in a research report on Thursday, February 13th. They set a "hold" rating for the company. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat.com, Fortis presently has an average rating of "Hold" and a consensus price target of $72.00.

About Fortis

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.

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