Is Fortis Inc. (FTS)’s Fuel Running High? The Stock Formed Double Top

The chart of Fortis Inc. (FTS) shows a double top with $35.38 target or 4.00 % above today’s $34.02 share price. The 5 months chart pattern indicates low risk for the $14.51 billion company. It was reported on Jan, 10 by Finviz.com. If the $35.38 price target is reached, the company will be worth $580.28M more. Double tops are rare but powerful chart patterns.

The stock increased 0.92% or $0.31 during the last trading session, reaching $34.02. About 389,624 shares traded. Fortis Inc. (NYSE:FTS) has declined 5.54% since January 10, 2018 and is downtrending. It has underperformed by 5.54% the S&P500.

Analysts await Fortis Inc. (NYSE:FTS) to report earnings on February, 21. They expect $0.48 earnings per share, down 2.04 % or $0.01 from last year’s $0.49 per share. FTS’s profit will be $204.68M for 17.72 P/E if the $0.48 EPS becomes a reality. After $0.50 actual earnings per share reported by Fortis Inc. for the previous quarter, Wall Street now forecasts -4.00 % negative EPS growth.

More notable recent Fortis Inc. (NYSE:FTS) news were published by: Seekingalpha.com which released: “Is Fortis A Buy Or A Hold? – Seeking Alpha” on February 23, 2018, also Seekingalpha.com with their article: “Fortis, Inc. 2018 Q3 – Results – Earnings Call Slides – Seeking Alpha” published on November 02, 2018, Seekingalpha.com published: “Can Fortis Power Up Your Income Portfolio? – Seeking Alpha” on August 20, 2018. More interesting news about Fortis Inc. (NYSE:FTS) were released by: Benzinga.com and their article: “33 Stocks Moving In Wednesday’s Mid-Day Session – Benzinga” published on December 26, 2018 as well as Streetinsider.com‘s news article titled: “Fortis (FTS) Raises Quarterly Dividend 5.9% to $0.45, 5.7% Yield; Announces New 5-Year Plan – StreetInsider.com” with publication date: October 15, 2018.

Fortis Inc. operates as an electric and gas utility firm in Canada, the United States, and the Caribbean. The company has market cap of $14.51 billion. It generates, transmits, and distributes electricity to approximately 420,000 retail clients in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail clients in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts comprising 54 MW of solar capacity. It has a 19.71 P/E ratio. The firm also sells wholesale electricity to other entities in the western United States; owns gas-fired and hydroelectric generating capacity totaling 64 MW; and distributes natural gas to approximately 994,000 clients in approximately 135 communities in British Columbia, Canada.

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