Scotiabank Forecasts Strong Price Appreciation for AltaGas (TSE:ALA) Stock

AltaGas (TSE:ALA) had its target price boosted by research analysts at Scotiabank from C$54.00 to C$57.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 8.90% from the company’s current price.

Other equities research analysts have also issued reports about the company. Royal Bank Of Canada boosted their target price on AltaGas from C$50.00 to C$55.00 and gave the stock an “outperform” rating in a report on Friday. Jefferies Financial Group upped their price target on AltaGas from C$49.00 to C$53.00 in a report on Monday, March 9th. ATB Cormark Capital Markets upped their price target on AltaGas from C$54.00 to C$56.00 and gave the stock an “outperform” rating in a report on Friday. TD Securities upped their price target on AltaGas from C$48.00 to C$51.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Finally, JPMorgan Chase & Co. upped their price target on AltaGas from C$49.00 to C$52.00 in a report on Tuesday, April 14th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, AltaGas presently has a consensus rating of “Moderate Buy” and an average price target of C$52.11.

AltaGas Stock Performance

ALA traded up C$1.43 on Friday, hitting C$52.34. The company had a trading volume of 533,563 shares, compared to its average volume of 1,013,152. The company’s fifty day moving average price is C$48.13 and its 200 day moving average price is C$44.23. AltaGas has a 1-year low of C$37.08 and a 1-year high of C$52.39. The company has a debt-to-equity ratio of 118.25, a current ratio of 0.82 and a quick ratio of 0.44. The stock has a market cap of C$16.29 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of -4.97 and a beta of 0.34.

AltaGas (TSE:ALA) last posted its earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share for the quarter. AltaGas had a return on equity of 8.74% and a net margin of 6.14%.The firm had revenue of C$3.97 billion during the quarter. Equities analysts predict that AltaGas will post 2.3006093 earnings per share for the current fiscal year.

About AltaGas

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. Natural gas is sold and purchased for both commercial and industrial users.