AltaGas (TSE:ALA) Price Target Raised to C$39.00 at Scotiabank

AltaGas (TSE:ALA) had its price target lifted by Scotiabank from C$38.00 to C$39.00 in a report released on Thursday, MarketBeat Ratings reports. Scotiabank currently has an outperform rating on the stock.

Several other research firms have also recently commented on ALA. JPMorgan Chase & Co. cut AltaGas from an “overweight” rating to a “neutral” rating and raised their target price for the stock from C$36.00 to C$37.00 in a research note on Wednesday, October 23rd. National Bankshares raised their target price on AltaGas from C$36.00 to C$39.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. BMO Capital Markets raised their target price on AltaGas from C$37.00 to C$40.00 in a research note on Thursday, September 5th. Royal Bank of Canada raised their price objective on AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a research note on Thursday, October 3rd. Finally, Raymond James raised their price objective on AltaGas from C$35.00 to C$37.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, AltaGas presently has a consensus rating of “Moderate Buy” and an average target price of C$38.10.

AltaGas Price Performance

Shares of ALA opened at C$33.71 on Thursday. AltaGas has a 1 year low of C$24.67 and a 1 year 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. The company has a market capitalization of C$10.03 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The business has a 50-day moving average of C$34.04 and a 200-day moving average of C$31.82.

AltaGas (TSE:ALA) last released its earnings results on Thursday, August 1st. The company reported C$0.14 EPS for the quarter, topping the consensus estimate of C$0.12 by C$0.02. AltaGas had a return on equity of 5.78% and a net margin of 3.58%. The business had revenue of C$2.78 billion during the quarter, compared to analysts’ expectations of C$2.54 billion. As a group, equities research analysts anticipate that AltaGas will post 2.3006093 earnings per share for the current year.

AltaGas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 27th were issued a $0.298 dividend. The ex-dividend date was Monday, September 16th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.54%. AltaGas’s dividend payout ratio is presently 82.07%.

Insider Activity

In other news, Senior Officer Randy Warren Toone sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of C$35.32, for a total value of C$105,960.00. In other AltaGas news, Director Aaron Bishop sold 19,820 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total value of C$665,555.60. Also, Senior Officer Randy Warren Toone sold 3,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of C$35.32, for a total value of C$105,960.00. Insiders have sold 33,320 shares of company stock worth $1,125,051 over the last 90 days. 0.58% of the stock is currently owned by corporate insiders.

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.