Fortis $FTS Shares Bought by Cibc World Market Inc.

Cibc World Market Inc. boosted its holdings in shares of Fortis (NYSE:FTS) by 8.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,564,134 shares of the utilities provider’s stock after buying an additional 677,226 shares during the quarter. Cibc World Market Inc. owned 1.69% of Fortis worth $445,335,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in FTS. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in Fortis by 157.4% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock worth $36,000 after buying an additional 428 shares in the last quarter. Larson Financial Group LLC lifted its holdings in Fortis by 123.9% during the 3rd quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after buying an additional 409 shares in the last quarter. LOM Asset Management Ltd acquired a new stake in Fortis during the 4th quarter worth approximately $43,000. Smartleaf Asset Management LLC lifted its holdings in Fortis by 2,119.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after buying an additional 996 shares in the last quarter. Finally, State of Wyoming acquired a new stake in Fortis during the 2nd quarter worth approximately $56,000. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Trading Down 0.1%

Shares of NYSE:FTS opened at $54.70 on Thursday. Fortis has a 52 week low of $46.46 and a 52 week high of $58.78. The company’s 50 day moving average is $56.23 and its two-hundred day moving average is $54.55. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. The company has a market cap of $27.85 billion, a PE ratio of 22.23 and a beta of 0.43.

Fortis (NYSE:FTS) last posted its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.56 billion. Fortis had a net margin of 14.21% and a return on equity of 7.25%. During the same period last year, the firm posted $1.00 EPS. Equities analysts predict that Fortis will post 2.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FTS shares. TD Securities reiterated a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. Wall Street Zen downgraded shares of Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research report on Thursday, May 7th. Finally, Scotiabank reissued a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Fortis currently has an average rating of “Moderate Buy” and an average price target of $61.00.

Fortis Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.