Two Sigma Investments LP Buys Shares of 6,950 Fortis Inc. (NYSE:FTS)

Two Sigma Investments LP bought a new stake in Fortis Inc. (NYSE:FTS) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 6,950 shares of the utilities provider’s stock, valued at approximately $289,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Blue Trust Inc. grew its stake in shares of Fortis by 724.3% in the 4th quarter. Blue Trust Inc. now owns 577 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 507 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Fortis in the 4th quarter valued at approximately $38,000. Lindbrook Capital LLC grew its stake in shares of Fortis by 38.5% in the 4th quarter. Lindbrook Capital LLC now owns 2,726 shares of the utilities provider’s stock valued at $113,000 after purchasing an additional 758 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Fortis by 7.2% in the 4th quarter. Quadrant Capital Group LLC now owns 4,302 shares of the utilities provider’s stock valued at $179,000 after buying an additional 289 shares during the period. Finally, Kingsview Wealth Management LLC lifted its holdings in shares of Fortis by 14.9% in the 4th quarter. Kingsview Wealth Management LLC now owns 5,385 shares of the utilities provider’s stock valued at $224,000 after buying an additional 698 shares during the period. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

Fortis Stock Performance

NYSE FTS opened at $47.48 on Wednesday. Fortis Inc. has a fifty-two week low of $38.15 and a fifty-two week high of $50.06. The stock has a market cap of $23.82 billion, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 3.94 and a beta of 0.49. The business has a fifty day moving average of $47.64 and a 200-day moving average of $44.89. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 1.30.

Fortis (NYSE:FTS) last announced its quarterly earnings data on Wednesday, May 7th. The utilities provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $3.42 billion. Fortis had a return on equity of 7.09% and a net margin of 14.12%. During the same quarter in the previous year, the business earned $0.93 earnings per share. As a group, analysts predict that Fortis Inc. will post 2.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on FTS shares. Desjardins started coverage on Fortis in a report on Tuesday, May 6th. They issued a “hold” rating for the company. Jefferies Financial Group began coverage on Fortis in a report on Thursday, February 13th. They issued a “hold” rating for the company. Finally, Royal Bank of Canada lifted their price objective on Fortis from $69.00 to $72.00 and gave the stock 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 stock. According to MarketBeat.com, Fortis currently has an average rating of “Hold” and an average target price 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.