Brokerages Set AltaGas Ltd. (TSE:ALA) Price Target at C$38.10

AltaGas Ltd. (TSE:ALA) has been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is C$38.10.

ALA has been the subject of a number of recent analyst reports. CIBC upped their price target on shares of AltaGas from C$38.00 to C$40.00 in a report on Monday, July 15th. National Bankshares upped 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. Raymond James raised their target price on AltaGas from C$35.00 to C$37.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. ATB Capital set a C$36.00 price objective on AltaGas and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Finally, BMO Capital Markets lifted their target price on AltaGas from C$37.00 to C$40.00 in a research report on Thursday, September 5th.

Insider Buying and Selling

In other news, Senior Officer Randy Warren Toone sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total value of C$101,460.00. In related news, Senior Officer Bertram Grant Bradley sold 7,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of C$33.61, for a total value of C$252,075.00. Also, Senior Officer Randy Warren Toone sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total value of C$101,460.00. Insiders have sold a total of 33,320 shares of company stock valued at $1,125,051 over the last 90 days. 0.58% of the stock is owned by insiders.

AltaGas Stock Up 0.6 %

ALA stock opened at C$33.32 on Tuesday. The company has a market cap of C$9.91 billion, a PE ratio of 22.98, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. AltaGas has a 52 week low of C$26.10 and a 52 week high of C$35.77. The business has a 50-day simple moving average of C$34.06 and a 200 day simple moving average of C$32.02.

AltaGas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be given a dividend of $0.298 per share. The ex-dividend date is Monday, December 16th. This represents a $1.19 annualized dividend and a yield of 3.58%. AltaGas’s dividend payout ratio is presently 82.07%.

About AltaGas

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.