Purpose Unlimited Inc. Takes $3.35 Million Position in Fortis $FTS

Purpose Unlimited Inc. purchased a new position in Fortis (NYSE:FTS) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 64,396 shares of the utilities provider’s stock, valued at approximately $3,348,000.

Other institutional investors also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Fortis in the 4th quarter valued at $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings in Fortis by 157.4% during the third 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 during the last quarter. Larson Financial Group LLC lifted its stake in shares of Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after buying an additional 409 shares in the last quarter. LOM Asset Management Ltd bought a new position in shares of Fortis in the fourth quarter valued at $43,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Fortis by 2,119.1% in the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after buying an additional 996 shares in the last quarter. 57.77% of the stock is owned by institutional investors and hedge funds.

Fortis Price Performance

Shares of NYSE:FTS opened at $56.10 on Friday. 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 stock has a market cap of $28.56 billion, a PE ratio of 22.80 and a beta of 0.43. The stock’s fifty day simple moving average is $56.23 and its two-hundred day simple moving average is $54.89. Fortis has a 1-year low of $46.46 and a 1-year high of $58.78.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research report on Tuesday, April 21st. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Fortis in a research note on Monday, April 20th. TD Securities reiterated a “buy” rating on shares of Fortis in a research note on Thursday, May 7th. Finally, Wall Street Zen lowered Fortis from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.00.

Fortis Company 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.