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

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

Several other analysts have also weighed in on ALA. CIBC lifted their price objective on AltaGas from C$38.00 to C$40.00 in a report on Monday, July 15th. ATB Capital set a C$36.00 target price on shares of AltaGas and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Royal Bank of Canada lifted their price objective on AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a report on Thursday, October 3rd. Jefferies Financial Group raised their target price on AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, National Bankshares upped their price target on AltaGas from C$36.00 to C$39.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, AltaGas presently has a consensus rating of “Moderate Buy” and an average target price of C$38.10.

AltaGas Stock Down 0.9 %

Shares of AltaGas stock opened at C$33.71 on Thursday. AltaGas has a 12-month low of C$24.67 and a 12-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 50 day moving average price of C$34.04 and a two-hundred day moving average price of C$31.80. The stock has a market capitalization of C$10.03 billion, a P/E ratio of 23.25, a PEG ratio of -4.97 and a beta of 1.23.

AltaGas (TSE:ALA) last posted its quarterly earnings data on Thursday, August 1st. The company reported C$0.14 earnings per share for the quarter, beating the consensus estimate of C$0.12 by C$0.02. The company had revenue of C$2.78 billion during the quarter, compared to analysts’ expectations of C$2.54 billion. AltaGas had a return on equity of 5.78% and a net margin of 3.58%. Equities analysts expect that AltaGas will post 2.3006093 earnings per share for the current year.

AltaGas Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 27th were paid a dividend of $0.298 per share. This represents a $1.19 annualized dividend and a dividend yield of 3.54%. The ex-dividend date was Monday, September 16th. AltaGas’s dividend payout ratio (DPR) is presently 82.07%.

Insider Buying and Selling

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

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.