AltaGas (TSE:ALA) Price Target Raised to C$42.00

AltaGas (TSE:ALA) had its target price increased by investment analysts at CIBC from C$40.00 to C$42.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. CIBC’s target price would suggest a potential upside of 22.24% from the company’s previous close.

ALA has been the topic of several other reports. ATB Capital set a C$36.00 price objective on AltaGas and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Jefferies Financial Group lifted their price objective on AltaGas from C$37.00 to C$39.00 and gave the company a “buy” rating in a research report on Monday, September 30th. JPMorgan Chase & Co. cut AltaGas from an “overweight” rating to a “neutral” rating and lifted their price target for the company from C$36.00 to C$37.00 in a report on Wednesday, October 23rd. Scotiabank increased their price objective on shares of AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Royal Bank of Canada boosted their target price on shares of AltaGas from C$37.00 to C$40.00 and gave the stock an “outperform” rating in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, AltaGas has an average rating of “Moderate Buy” and a consensus target price of C$38.30.

AltaGas Stock Performance

TSE ALA opened at C$34.36 on Thursday. AltaGas has a twelve month low of C$26.91 and a twelve month high of C$35.77. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. The stock has a market cap of C$10.22 billion, a P/E ratio of 23.70, a PEG ratio of -4.97 and a beta of 1.23. The company’s 50-day simple moving average is C$33.64 and its 200 day simple moving average is C$33.09.

Insider Buying and Selling at AltaGas

In other news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the business’s stock in a transaction on Monday, November 4th. The shares were bought at an average cost of C$33.12 per share, for a total transaction of C$251,719.60. Insiders own 0.58% of the company’s stock.

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.