AltaGas (TSE:ALA) Price Target Raised to C$37.00 at Raymond James

AltaGas (TSE:ALA) had its target price upped by Raymond James from C$35.00 to C$37.00 in a research report report published on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the stock. Raymond James also issued estimates for AltaGas’ Q3 2024 earnings at $0.07 EPS, Q4 2024 earnings at $0.77 EPS, Q1 2025 earnings at $1.05 EPS, Q3 2025 earnings at $0.20 EPS, Q4 2025 earnings at $0.81 EPS and FY2025 earnings at $2.30 EPS.

Several other analysts have also recently weighed in on the stock. Scotiabank boosted their price objective on shares of AltaGas from C$33.00 to C$35.00 and gave the stock an outperform rating in a research note on Friday, May 3rd. ATB Capital boosted their price objective on shares of AltaGas from C$35.00 to C$36.00 and gave the stock an outperform rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. boosted their price objective on shares of AltaGas from C$33.00 to C$36.00 in a research note on Friday, July 19th. Jefferies Financial Group boosted their price objective on shares of AltaGas from C$34.00 to C$37.00 and gave the stock a buy rating in a research note on Monday, July 29th. Finally, National Bankshares boosted their price objective on shares of AltaGas from C$35.00 to C$36.00 and gave the stock an outperform rating in a research note on Friday. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of Buy and an average target price of C$36.60.

AltaGas Stock Performance

The business’s fifty day moving average is C$31.07 and its two-hundred day moving average is C$29.82. The company has a market capitalization of C$9.76 billion, a PE ratio of 16.03, a PEG ratio of -4.97 and a beta of 1.22. AltaGas has a one year low of C$24.67 and a one year high of C$33.94. The company has a current ratio of 1.01, a quick ratio of 0.44 and a debt-to-equity ratio of 117.56.

AltaGas (TSE:ALA) last posted its earnings results on Thursday, May 2nd. The company reported C$1.14 earnings per share for the quarter, topping analysts’ consensus estimates of C$1.05 by C$0.09. The firm had revenue of C$3.66 billion for the quarter, compared to analysts’ expectations of C$4.13 billion. AltaGas had a net margin of 5.03% and a return on equity of 7.93%. As a group, sell-side analysts predict that AltaGas will post 2.1388695 earnings per share for the current fiscal year.

AltaGas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.298 per share. The ex-dividend date is Monday, September 16th. This represents a $1.19 dividend on an annualized basis and a yield of ∞. AltaGas’s payout ratio is currently 57.77%.

Insiders Place Their Bets

In related news, Director Angela S. Lekatsas acquired 2,000 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were bought at an average price of C$30.58 per share, with a total value of C$61,160.00. In other news, Senior Officer James Harbilas sold 100,000 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of C$30.45, for a total transaction of C$3,045,000.00. Also, Director Angela S. Lekatsas purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was acquired at an average cost of C$30.58 per share, for a total transaction of C$61,160.00. In the last ninety days, insiders acquired 20,500 shares of company stock worth $627,795 and sold 172,750 shares worth $5,257,062. Company insiders own 0.57% of the company’s stock.

AltaGas Company Profile

AltaGas Ltd. operates as an energy infrastructure company in North America. The company operates through Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.6 million customers.