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

Shares of AltaGas Ltd. (TSE:ALA) have earned an average recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is C$38.10.

A number of analysts recently issued reports on ALA shares. JPMorgan Chase & Co. lowered AltaGas from an “overweight” rating to a “neutral” rating and boosted their price target for the company from C$36.00 to C$37.00 in a report on Wednesday, October 23rd. Scotiabank upped their target price on AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. ATB Capital set a C$36.00 price target on AltaGas and gave the company an “outperform” rating in a research note on Tuesday, September 24th. BMO Capital Markets upped their price objective on shares of AltaGas from C$37.00 to C$40.00 in a research note on Thursday, September 5th. Finally, Jefferies Financial Group increased their target price on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a report on Monday, September 30th.

Insider Activity

In other AltaGas news, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of AltaGas stock in a transaction dated Friday, December 13th. The shares were acquired at an average cost of C$32.97 per share, with a total value of C$250,549.20. Company insiders own 0.58% of the company’s stock.

AltaGas Price Performance

AltaGas stock opened at C$33.20 on Wednesday. The stock has a market cap of C$9.87 billion, a price-to-earnings ratio of 22.90, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The firm has a 50-day moving average of C$33.84 and a two-hundred day moving average of C$32.89. AltaGas has a 1 year low of C$26.91 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.

AltaGas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.298 per share. This represents a $1.19 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Monday, December 16th. AltaGas’s payout ratio is 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.