Fortis saw a welcome improvement to its Relative Strength (RS) Rating on Monday, with an upgrade from 67 to 74. It has been on a down turn, maybe this will be the start of an uptrend.
As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength.
IBD's unique RS Rating tracks technical performance by showing how a stock's price movement over the last 52 weeks compares to that of the other stocks in our database.
History reveals that the best stocks tend to have an RS Rating of over 80 as they launch their biggest runs. See if Fortis can continue to show renewed price strength and hit that benchmark.
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Fortis is trying to complete a flat base with a 51.76 buy point. See if the stock can clear the breakout price in heavy trade as it continues to move up. Trade volume has been below average during the recent slide.
Earnings Update
In terms of top and bottom line numbers, Fortis has posted two quarters of increasing earnings growth. Top line growth has also moved higher during the same period.
Fortis earns the No. 25 rank among its peers in the Utility-Diversified industry group. Genie Energy and Alliant Energy are also among the group's highest-rated stocks.
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