Brokerages Set AltaGas Ltd. (TSE:ALA) Price Target at C$38.30

AltaGas Ltd. (TSE:ALA) has received an average recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is C$38.30.

Several analysts have recently issued reports on ALA shares. JPMorgan Chase & Co. lowered shares of AltaGas from an “overweight” rating to a “neutral” rating and boosted their price target for the company from C$36.00 to C$37.00 in a research report on Wednesday, October 23rd. CIBC increased their price target on shares of AltaGas from C$40.00 to C$42.00 and gave the company an “outperform” rating in a research report on Thursday, January 9th. Scotiabank upped their price objective on shares of AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Royal Bank of Canada increased their price target on shares of AltaGas from C$37.00 to C$40.00 and gave the stock an “outperform” rating in a research note on Thursday, October 3rd. Finally, Jefferies Financial Group raised their price objective on shares of AltaGas from C$37.00 to C$39.00 and gave the company a “buy” rating in a research note on Monday, September 30th.

AltaGas Stock Performance

Shares of AltaGas stock opened at C$34.68 on Friday. The company’s 50 day moving average price is C$33.83 and its two-hundred day moving average price is C$33.36. The firm has a market capitalization of C$10.31 billion, a P/E ratio of 23.92, a P/E/G ratio of -4.97 and a beta of 1.23. AltaGas has a fifty-two week low of C$26.91 and a fifty-two week high of C$35.77. The company has a debt-to-equity ratio of 115.50, a current ratio of 0.85 and a quick ratio of 0.44.

AltaGas (TSE:ALA) last announced its earnings results on Thursday, October 31st. The company reported C$0.14 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.10 by C$0.04. AltaGas had a net margin of 3.58% and a return on equity of 5.78%. During the same quarter in the prior year, the firm earned $0.10 earnings per share. On average, equities analysts forecast that AltaGas will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.298 per share. The ex-dividend date was Monday, December 16th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.44%. AltaGas’s payout ratio is 82.07%.

Insider Activity at AltaGas

In related news, Senior Officer Donald Mark Jenkins sold 12,352 shares of the business’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of C$33.90, for a total value of C$418,732.80. Also, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the company’s stock in a transaction on Friday, December 13th. The stock was purchased at an average cost of C$32.97 per share, with a total value of C$250,549.20. 0.58% of the stock is owned by corporate insiders.

AltaGas Company Profile

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage.