We report on a series of outbursts of the high mass X-ray binary XTE J1946+274 in 2010/2011 as observed with INTEGRAL, RXTE, and Swift. We discuss possible mechanisms resulting in the extraordinary outburst behavior of this source. The X-ray spectra can be described by standard phenomenological models, enhanced by an absorption feature of unknown origin at about 10 keV and a narrow iron K alpha fluorescence line at 6.4 keV, which are variable in flux and pulse phase. We find possible evidence for the presence of a cyclotron resonance scattering feature at about 25 keV at the 93% level. The presence of a strong cyclotron line at 35 keV seen in data from the sources 1998 outburst and confirmed by a reanalysis of these data can be excluded. This result indicates that the cyclotron line feature in XTE J1946+274 is variable between individual outbursts.
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