In a surprising turn of events, Benjamin F. Edwards & Company Inc. has significantly increased its holdings in Fortis Inc. (NYSE:FTS) during the first quarter of this year. According to a recent filing with the Securities and Exchange Commission, the investment advisory firm boosted its position in the utilities provider by an astonishing 310.8%. This move has undoubtedly caught the attention of market observers and analysts alike.
Before delving into the details of this remarkable development, let us first understand who Fortis Inc. is and what it represents in the financial landscape. Fortis Inc., a prominent player in the utility sector, operates as an international electric and gas utility holding company, serving customers across North America and the Caribbean region.
Now, turning our attention back to Benjamin F. Edwards & Company Inc., an established name in the investment management industry for over a century, their decision to increase their holdings in Fortis Inc. speaks volumes about their confidence in the company’s future prospects. The fund had previously owned 4,868 shares of Fortis stock but chose to purchase an additional 3,683 shares during this quarter.
This considerable surge suggests that Benjamin F. Edwards & Company Inc.’s faith in Fortis is resolute even amidst uncertain market conditions. The value of their holdings amounts to a staggering $207,000 as per their latest filing with SEC.
For investors interested in analyzing further hedge fund activities concerning FTS stock or seeking information on insider trades within Fortis Inc., HoldingsChannel.com offers comprehensive data through its latest 13F filings and insider trade reports.
Examining key financial indicators, we find that shares of FTS opened at $43.07 on Thursday—another noteworthy statistic adding intrigue to the tale unfolding around Fortis’ recent developments. The fact that these shares have experienced significant fluctuations between a 12-month low of $34.76 and a high point of $47.89 highlights the potential for substantial growth and volatility in this investment.
Fortis Inc. currently possesses a market capitalization of $20.95 billion, reflecting its prominent standing in the industry. The company’s price-to-earnings ratio stands at 19.40, indicating an investor confidence level commensurate with their financial performance. Additionally, Fortis Inc.’s P/E/G ratio of 3.56 suggests that the stock may possess long-term growth potential.
In terms of risk assessment, Fortis boasts a beta of 0.44, implying resilience and stability compared to the broader market benchmarks. This factor may prove attractive to investors seeking a relatively consistent investment option in an ever-changing economic landscape.
Regarding liquidity ratios, the company holds a quick ratio of 0.58 and a current ratio of 0.68, indicating satisfactory short-term liquidity positions that enable operational efficiency and timely fulfillment of financial obligations. However, it is important to note that Fortis carries a debt-to-equity ratio of 1.25, which warrants further scrutiny as it signifies higher leverage relative to shareholder equity.
Considering recent market patterns and trends, it is worth mentioning that Fortis Inc.’s fifty-day simple moving average stands at $42.90 while their two-hundred-day simple moving average rests at $42.28—a relatively steady pattern worth monitoring by investors interested in analyzing short-term or long-term perspectives on Fortis’ stock performance.
In conclusion, the recent surge in Benjamin F. Edwards & Company Inc.’s holdings in Fortis Inc., coupled with the nuanced financial intricacies we have explored, leaves us intrigued about what lies ahead for this utility provider giant. Only time will unveil whether this bold move by Benjamin F. Edwards & Company Inc., establishing them as confident stakeholders in Fortis’ success story, will be vindicated along its highly anticipated journey.
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Fortis Inc.: A Rising Star in the Utilities Industry
Fortis Inc.: A Promising Investment Opportunity
July 20, 2023
Banque Cantonale Vaudoise, Richard W. Paul & Associates LLC, Power Corp of Canada, Carmichael Hill & Associates Inc., and CoreCap Advisors LLC are among the institutional investors and hedge funds that have recently acquired stakes in Fortis Inc. During the first quarter of this year, Banque Cantonale Vaudoise added shares valued at approximately $25,000 to its portfolio. Similarly, Richard W. Paul & Associates LLC and Power Corp of Canada acquired stakes in the fourth quarter and first quarter respectively, both valued at $31,000. Carmichael Hill & Associates Inc. and CoreCap Advisors LLC also entered the market with positions valued at $33,000 and $37,000 respectively during the first quarter.
These strategic moves by institutional investors underscore the belief in Fortis’ potential for growth. With such high-level investments taking place, it is clear that industry experts recognize the value of investing in this electric and gas utility company.
In addition to these notable acquisitions, analysts have recently weighed in on Fortis’ future prospects. Royal Bank of Canada restated a “sector perform” rating and set a price objective of $65.00 on Fortis’ shares in a report issued on March 24th. StockNews.com initiated coverage on Fortis on May 18th and assigned a “hold” rating to the company’s stock.
Currently holding a “hold” rating from four analysts and a “buy” rating from one analyst, Bloomberg reports that Fortis has an average rating of “Hold” with an average price target of $59.14.
Fortis displayed impressive performance during its last quarterly earnings release on May 3rd. The company reported earnings per share (EPS) of $0.67 for the quarter, surpassing the consensus estimate by $0.06. With revenue reaching $2.45 billion, exceeding analyst estimates of $2.25 billion, Fortis showcased its ability to deliver strong financial results. Furthermore, the company attained a return on equity of 6.63% and a net margin of 12.42%, demonstrating sound financial management.
Looking ahead, sell-side analysts predict that Fortis Inc. will achieve an EPS of 2.21 for the current year, indicating potential growth in the near future.
Fortis Inc., operating as an electric and gas utility company across Canada, the United States, and the Caribbean countries, is responsible for generating, transmitting, and distributing electricity to retail customers spanning Arizona and several other areas. The company serves approximately 443,000 retail customers in southeastern Arizona and an additional 102,000 retail customers in Arizona’s Mohave and Santa Cruz counties, boasting an impressive aggregate capacity of 3,328 megawatts (MW). This total includes a remarkable 68 MW of solar capacity and 250 MV of wind capacity.
Given Fortis’ robust operations in the utilities sector and its consistently strong financial performance, investing in this company emerges as a promising opportunity for investors seeking long-term growth prospects.
To gain more insight into the investment landscape surrounding Fortis Inc., investors are encouraged to visit HoldingsChannel.com for detailed information on recent filings and insider trades involving FTS.
In conclusion, with increasing interest from institutional investors and hedge funds alongside positive ratings from analysts coupled with strong quarterly performance reports, Fortis Inc. positions itself as a compelling investment opportunity within the utilities industry.