Can Fortis Inc’s Tomorrow be Different? The Stock Just Gapped Down

 Can Fortis Inc's Tomorrow be Different? The Stock Just Gapped Down

The stock of Fortis Inc (TSE:FTS) gapped down by $0.22 today and has $38.77 target or 9.00% below today’s $42.60 share price. The 8 months technical chart setup indicates high risk for the $16.88B company. The gap down was reported on Nov, 9 by Barchart.com. If the $38.77 price target is reached, the company will be worth $1.52B 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 227,417 shares traded hands. Fortis Inc (TSE:FTS) has risen 6.42% since April 5, 2016 and is uptrending. It has outperformed by 1.64% 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 7.39% above today’s ($42.6) stock price. Fortis Incorporated has been the topic of 15 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock of Fortis Inc (TSE:FTS) has “Sector Perform” rating given on Wednesday, July 20 by IBC. The stock of Fortis Inc (TSE:FTS) earned “Outperform” rating by RBC Capital Markets on Wednesday, October 7. 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: Marketwired.com which released: “Fortis Inc. Announces Fourth Quarter Dividends” on September 27, 2016, also Prnewswire.com with their article: “Kansas Corporation Commission Approves Fortis Inc. Acquisition of ITC Holdings …” published on October 11, 2016, Fool.ca published: “TransCanada Corporation vs Fortis Inc.: Which Is a Better Dividend Stock?” on October 17, 2016. More interesting news about Fortis Inc (TSE:FTS) were released by: Fool.ca and their article: “Fortis Inc.: Time to Buy and Forget This Attractive Stock” published on September 20, 2016 as well as Fool.ca‘s news article titled: “Fortis Inc. Is an Income Stock to Buy and Hold Forever” with publication date: October 10, 2016.

Fortis Inc is a Canada-based electric and gas utility company. The company has a market cap of $16.88 billion. The Company’s divisions include Regulated Utilities and Non-Regulated Utilities. It has a 23.06 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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