Royal Bank Of Canada Forecasts Strong Price Appreciation for AltaGas (TSE:ALA) Stock

AltaGas (TSE:ALA) had its price target upped by equities researchers at Royal Bank Of Canada from C$55.00 to C$59.00 in a note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would indicate a potential upside of 4.96% from the company’s current price.

A number of other analysts also recently commented on ALA. ATB Cormark Capital Markets raised their price objective on AltaGas from C$54.00 to C$56.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. National Bank Financial boosted their price objective on AltaGas from C$52.00 to C$60.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. upped their target price on AltaGas from C$49.00 to C$52.00 in a research note on Tuesday, April 14th. Finally, Scotiabank raised their target price on AltaGas from C$57.00 to C$62.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 21st. Eight analysts have rated the stock with a Buy rating, According to data from MarketBeat, AltaGas presently has an average rating of “Buy” and a consensus price target of C$56.56.

AltaGas Stock Performance

Shares of TSE:ALA traded up C$0.38 during midday trading on Friday, hitting C$56.21. The company’s stock had a trading volume of 341,047 shares, compared to its average volume of 991,775. The stock’s 50 day simple moving average is C$54.46 and its 200 day simple moving average is C$49.53. AltaGas has a fifty-two week low of C$39.45 and a fifty-two week high of C$57.52. The stock has a market capitalization of C$17.51 billion, a price-to-earnings ratio of 34.27, a PEG ratio of -4.97 and a beta of 0.35. The company has a debt-to-equity ratio of 115.95, a quick ratio of 0.43 and a current ratio of 0.88.

AltaGas (TSE:ALA) last released its earnings results on Thursday, July 30th. The company reported C$0.31 earnings per share (EPS) for the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%.The firm had revenue of C$3.80 billion for the quarter. As a group, research analysts anticipate that AltaGas will post 2.3006093 earnings per share for the current year.

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. Natural gas is sold and purchased for both commercial and industrial users.