Fortis Inc. (NYSE:FTS) Shares Sold by Shell Asset Management Co.

Shell Asset Management Co. trimmed its holdings in shares of Fortis Inc. (NYSE:FTS - Free Report) by 25.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,846 shares of the utilities provider's stock after selling 11,500 shares during the period. Shell Asset Management Co.'s holdings in Fortis were worth $1,406,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Blue Trust Inc. grew its holdings in Fortis by 724.3% during the fourth quarter. Blue Trust Inc. now owns 577 shares of the utilities provider's stock worth $26,000 after acquiring an additional 507 shares during the period. Golden State Wealth Management LLC purchased a new stake in shares of Fortis during the 4th quarter worth $38,000. Lindbrook Capital LLC grew its stake in shares of Fortis by 38.5% during the 4th quarter. Lindbrook Capital LLC now owns 2,726 shares of the utilities provider's stock worth $113,000 after purchasing an additional 758 shares during the period. Quadrant Capital Group LLC increased 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 purchasing an additional 289 shares in the last quarter. Finally, Clear Creek Financial Management LLC purchased a new position in shares of Fortis in the 4th quarter valued at about $203,000. 57.77% of the stock is owned by institutional investors and hedge funds.

Fortis Price Performance

Shares of Fortis stock traded up $0.27 on Friday, hitting $47.97. The company's stock had a trading volume of 95,388 shares, compared to its average volume of 620,694. The company has a market capitalization of $24.06 billion, a P/E ratio of 20.33, a price-to-earnings-growth ratio of 3.94 and a beta of 0.50. Fortis Inc. has a 52-week low of $38.15 and a 52-week high of $50.06. The firm has a fifty day moving average price of $46.92 and a 200-day moving average price of $44.55. 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 - Get Free Report) last announced its earnings results on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. The company had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $3.42 billion. Fortis had a net margin of 14.12% and a return on equity of 7.09%. During the same quarter in the previous year, the business posted $0.93 earnings per share. On average, equities research analysts expect that Fortis Inc. will post 2.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Desjardins started coverage on shares of Fortis in a research report on Tuesday, May 6th. They set a "hold" rating on the stock. Jefferies Financial Group began coverage on Fortis in a research note on Thursday, February 13th. They set a "hold" rating on the stock. Finally, Royal Bank of Canada raised their price objective on Fortis from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Thursday, May 8th. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the company's stock. According to MarketBeat.com, Fortis currently has a consensus rating of "Hold" and a consensus price target 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.