AltaGas Ltd. (TSE:ALA) Given Average Recommendation of “Buy” by Brokerages

AltaGas Ltd. (TSE:ALA) has earned an average recommendation of “Buy” from the ten ratings firms that are currently covering the stock, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a buy rating. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is C$35.00.

ALA has been the topic of several research reports. Raymond James increased their price target on shares of AltaGas from C$34.00 to C$35.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. CIBC raised their target price on shares of AltaGas from C$36.00 to C$38.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Scotiabank raised their target price on shares of AltaGas from C$33.00 to C$35.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. ATB Capital raised their target price on shares of AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a research report on Thursday, May 30th. Finally, National Bankshares raised their target price on shares of AltaGas from C$33.00 to C$35.00 and gave the stock an “outperform” rating in a research report on Thursday, May 30th.

AltaGas Trading Up 0.6 %

Shares of ALA opened at C$31.11 on Wednesday. The firm’s 50-day moving average is C$30.53 and its two-hundred day moving average is C$29.25. The firm has a market capitalization of C$9.21 billion, a P/E ratio of 15.10, a PEG ratio of -4.97 and a beta of 1.22. AltaGas has a twelve month low of C$23.38 and a twelve month high of C$31.50. 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 released its quarterly earnings results on Thursday, May 2nd. The company reported C$1.14 EPS for the quarter, beating the consensus estimate of C$1.05 by C$0.09. The business had revenue of C$3.66 billion for the quarter, compared to analyst estimates of C$4.13 billion. AltaGas had a net margin of 5.03% and a return on equity of 7.93%. On average, research analysts predict that AltaGas will post 2.1388695 earnings per share for the current fiscal year.

AltaGas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 28th were paid a $0.298 dividend. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date of this dividend was Friday, June 14th. AltaGas’s dividend payout ratio is presently 57.77%.

Insider Activity

In other news, Senior Officer Randy Warren Toone sold 40,000 shares of the firm’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of C$29.18, for a total value of C$1,167,200.00. In related news, Senior Officer Bertram Grant Bradley sold 15,000 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$30.59, for a total transaction of C$458,850.00. Also, Senior Officer Randy Warren Toone sold 40,000 shares of the firm’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. In the last 90 days, insiders have acquired 20,500 shares of company stock valued at $627,795 and have sold 212,750 shares valued at $6,424,262. 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.