Does Fortis Inc Have Any Gas After Today’s Gap Up?

 Does Fortis Inc Have Any Gas After Today's Gap Up?

The stock of Fortis Inc (TSE:FTS) gapped up by $0.03 today and has $55.19 target or 26.00% above today’s $43.80 share price. The 5 months technical chart setup indicates low risk for the $17.26B company. The gap was reported on Nov, 4 by Barchart.com. If the $55.19 price target is reached, the company will be worth $4.49 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 510,978 shares traded hands. Fortis Inc (TSE:FTS) has risen 5.08% since March 31, 2016 and is uptrending. It has outperformed by 3.99% the S&P500.

Fortis Inc (TSE:FTS) Ratings Coverage

Out of 8 analysts covering Fortis Incorporated (TSE:FTS), 5 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 63% are positive. $50 is the highest target while $38 is the lowest. The $45.75 average target is 4.45% above today’s ($43.8) stock price. Fortis Incorporated has been the topic of 15 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The rating was downgraded by IBC on Wednesday, July 20 to “Sector Perform”. RBC Capital Markets maintained Fortis Inc (TSE:FTS) on Wednesday, October 7 with “Outperform” rating. The stock of Fortis Inc (TSE:FTS) earned “Outperform” rating by Raymond James on Thursday, September 22.

More notable recent Fortis Inc (TSE:FTS) news were published by: Prnewswire.com which released: “Fortis Inc. and GIC Acquisition of ITC Holdings Corp. Authorized by the …” on September 26, 2016, also Fool.ca with their article: “Income Investors: Is Fortis Inc. Still a Safe Bet?” published on November 01, 2016, Fool.ca published: “Why You Should Avoid Fortis Inc. and Buy This Utility” on November 02, 2016. More interesting news about Fortis Inc (TSE:FTS) were released by: Fool.ca and their article: “TransCanada Corporation vs Fortis Inc.: Which Is a Better Dividend Stock?” published on October 17, 2016 as well as Prnewswire.com‘s news article titled: “Kansas Corporation Commission Approves Fortis Inc. Acquisition of ITC Holdings …” with publication date: October 11, 2016.

Fortis Inc is a Canada-based electric and gas utility company. The company has a market cap of $17.26 billion. The Company’s divisions include Regulated Utilities and Non-Regulated Utilities. It has a 22.6 P/E ratio. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-United States, which consists of UNS Energy Corporation (UNS Energy) and Central Hudson Gas & Electric Corporation (Central Hudson); Regulated Gas Utility-Canadian, which consists of FortisBC Energy Inc. (FortisBC Energy); Regulated Electric Utilities-Canadian, which consists of FortisAlberta Inc. (FortisAlberta), FortisBC Electric and Eastern Canadian, and Regulated Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd. (Caribbean Utilities), Fortis Turks and Caicos, and its investment in Belize Electricity Limited (Belize Electricity).

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