AltaGas (TSE:ALA) Cut to “Hold” at Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce cut shares of AltaGas (TSE:ALA) from an outperformer rating to a hold rating in a research note issued to investors on Thursday morning, MarketBeat reports. Canadian Imperial Bank of Commerce currently has C$58.00 target price on the stock.

Several other research analysts have also issued reports on the company. BMO Capital Markets increased their target price on AltaGas from C$54.00 to C$59.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Scotiabank raised their target price on AltaGas from C$57.00 to C$62.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 21st. ATB Cormark Capital Markets lifted their price target on AltaGas from C$60.00 to C$63.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Finally, Royal Bank Of Canada lifted their price target on AltaGas from C$55.00 to C$59.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$57.44.

AltaGas Price Performance

Shares of TSE ALA opened at C$55.34 on Thursday. AltaGas has a 1 year low of C$39.45 and a 1 year high of C$57.52. The stock has a market capitalization of C$17.27 billion, a P/E ratio of 27.95, a P/E/G ratio of -4.97 and a beta of 0.32. The company’s 50-day moving average is C$53.67 and its 200 day moving average is C$53.26. The company has a debt-to-equity ratio of 112.99, a current ratio of 0.86 and a quick ratio of 0.43.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Thursday, July 30th. The company reported C$0.31 EPS for the quarter. AltaGas had a net margin of 4.59% and a return on equity of 7.00%. The business had revenue of C$3.80 billion during the quarter. On average, sell-side analysts expect that AltaGas will post 2.30 earnings per share for the current year.

AltaGas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were issued a dividend of $0.3340 per share. The ex-dividend date was Wednesday, September 16th. This represents a $1.34 annualized dividend and a dividend yield of 2.4%. AltaGas’s dividend payout ratio (DPR) is presently 65.56%.

About AltaGas

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.