The stock of Emera Inc (TSE:EMA) gapped down by $0.01 today and has $44.25 target or 5.00% below today’s $46.58 share price. The 5 months technical chart setup indicates high risk for the $9.35B company. The gap down was reported on Oct, 28 by Barchart.com. If the $44.25 price target is reached, the company will be worth $467.50 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 160,924 shares traded hands. Emera Inc (TSE:EMA) has declined 1.33% since March 23, 2016 and is downtrending. It has underperformed by 6.04% the S&P500.
Emera Inc (TSE:EMA) Ratings Coverage
Out of 6 analysts covering Emera Inc. (TSE:EMA), 2 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 33% are positive. $60 is the highest target while $44.50 is the lowest. The $52.50 average target is 12.71% above today’s ($46.58) stock price. Emera Inc. has been the topic of 26 analyst reports since August 12, 2015 according to StockzIntelligence Inc. The stock of Emera Inc (TSE:EMA) earned “Sector Perform” rating by Scotia Capital on Wednesday, August 12. BMO Capital Markets initiated the shares of EMA in a report on Tuesday, September 29 with “Market Perform” rating. On Thursday, September 22 the stock rating was maintained by Raymond James with “Market Perform”. TD Securities maintained the stock with “Hold” rating in Wednesday, August 12 report. The rating was maintained by RBC Capital Markets with “Outperform” on Tuesday, November 17. The rating was initiated by National Bank Canada on Tuesday, September 29 with “Sector Perform”. The company was upgraded on Wednesday, August 12 by IBC.
More notable recent Emera Inc (TSE:EMA) news were published by: Marketwired.com which released: “Emera Inc. Sells 50.1 Million Common Shares of Algonquin Power & Utilities Corp.” on May 17, 2016, also Bloomberg.com with their article: “Emera Makes $6.5 Billion Bet on U.S. Power Markets in Teco Deal” published on September 04, 2015, Businesswire.com published: “Emera Acquisition of TECO Energy Approved by FERC” on January 21, 2016. More interesting news about Emera Inc (TSE:EMA) were released by: Business.Financialpost.com and their article: “Nova Scotia’s Emera Inc eyes Alberta to grow its clean power business” published on December 16, 2015 as well as Fool.ca‘s news article titled: “Emera Inc. Is Unloading its Stake in Algonquin Power & Utilities Corp.” with publication date: May 18, 2016.
Emera Incorporated is an energy and services firm that invests in electricity generation, transmission and distribution, as well as gas transmission and utility services. The company has a market cap of $9.35 billion. The Firm operates through six divisions: NSPI; Emera Maine; Emera Caribbean, which includes Emera Incorporated and its subsidiaries, which includes The Barbados Light & Power Company Limited, Dominica Electricity Services Ltd., Grand Bahama Power Company Limited, Emera Utility Services (Bahamas) Limited and an equity investment in St. It has a 14.45 P/E ratio.
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