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

AltaGas (TSE:ALA) had its price target raised by Scotiabank from C$38.00 to C$39.00 in a research note released on Thursday, MarketBeat.com reports. They currently have an outperform rating on the stock.

ALA has been the subject of a number of other reports. CIBC increased their price objective on AltaGas from C$38.00 to C$40.00 in a report on Monday, July 15th. Royal Bank of Canada raised their price target on shares of AltaGas from C$37.00 to C$40.00 and gave the stock an “outperform” rating in a report on Thursday, October 3rd. BMO Capital Markets boosted their target price on shares of AltaGas from C$37.00 to C$40.00 in a report on Thursday, September 5th. National Bankshares increased their price target on AltaGas from C$36.00 to C$39.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Finally, JPMorgan Chase & Co. lowered AltaGas from an “overweight” rating to a “neutral” rating and upped their target price for the company from C$36.00 to C$37.00 in a research report on Wednesday. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$38.10.

AltaGas Price Performance

Shares of TSE:ALA opened at C$33.71 on Thursday. AltaGas has a one year low of C$24.67 and a one 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. The company has a market cap of C$10.03 billion, a price-to-earnings ratio of 23.25, a PEG ratio of -4.97 and a beta of 1.23. The firm has a 50 day simple moving average of C$34.04 and a 200 day simple moving average of C$31.80.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Thursday, August 1st. The company reported C$0.14 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.12 by C$0.02. AltaGas had a return on equity of 5.78% and a net margin of 3.58%. The business had revenue of C$2.78 billion for the quarter, compared to analyst estimates of C$2.54 billion. Research analysts predict that AltaGas will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Dividend Announcement

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

Insider Transactions at AltaGas

In other news, Director Aaron Bishop sold 19,820 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total transaction of C$665,555.60. In other news, Senior Officer Bertram Grant Bradley sold 7,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of C$33.61, for a total value of C$252,075.00. Also, Director Aaron Bishop sold 19,820 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total value of C$665,555.60. Insiders have sold 33,320 shares of company stock worth $1,125,051 in the last 90 days. Insiders own 0.58% of the company’s stock.

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.