AltaGas Ltd. (TSE:ALA) Stock Has Consensus Target Price of C$58.10 According to Brokerages

Shares of AltaGas Ltd. (TSE:ALA) have been assigned a consensus rating of “Moderate Buy” from the eight analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is C$58.10.

Several research firms recently weighed in on ALA. ATB Cormark Capital Markets boosted their price objective on shares of AltaGas from C$60.00 to C$63.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Canadian Imperial Bank of Commerce downgraded AltaGas from an “outperformer” rating to a “hold” rating and set a C$58.00 target price for the company. in a research report on Thursday, October 22nd. Scotia upped their price target on AltaGas from C$61.00 to C$63.00 and gave the company a “sector outperform” rating in a research note on Friday. BMO Capital Markets raised their price target on AltaGas from C$54.00 to C$59.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Finally, Scotiabank raised their price target on AltaGas from C$57.00 to C$62.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 21st.

AltaGas Stock Performance

Shares of TSE:ALA opened at C$55.52 on Friday. AltaGas has a twelve month low of C$39.45 and a twelve month high of C$58.14. The firm has a market cap of C$17.32 billion, a PE ratio of 28.04, a price-to-earnings-growth ratio of -4.97 and a beta of 0.32. The company has a debt-to-equity ratio of 112.99, a quick ratio of 0.43 and a current ratio of 0.86. The business has a fifty day moving average of C$53.94 and a 200-day moving average of C$51.01.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Thursday, October 29th. The company reported C$0.29 EPS for the quarter. AltaGas had a net margin of 4.59% and a return on equity of 7.00%. The firm had revenue of C$3.43 billion for the quarter. On average, equities research analysts predict that AltaGas will post 2.30 EPS for the current fiscal year.

AltaGas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were paid a dividend of $0.3340 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.4%. AltaGas’s payout ratio is 65.56%.

AltaGas News Roundup

Here are the key news stories impacting AltaGas this week:

• Positive Sentiment: Normalized net income increased: AltaGas reported higher third-quarter normalized net income, indicating improved underlying profitability and providing a positive earnings catalyst. AltaGas Q3 Normalized Net Income Rises
• Positive Sentiment: Management expects a strong full-year finish: AltaGas’ CEO said the company expects full-year results to land near the high end of its guidance range. That signals confidence in operating performance and could support investor expectations for the remainder of the year. AltaGas CEO expects full-year results near high-end of guidance
• Positive Sentiment: Analysts raised their valuation targets: National Bank Financial lifted its target from C$60 to C$61 while maintaining an “outperform” rating. Scotia raised its target from C$61 to C$63 and retained a “sector outperform” rating. The revisions reflect increased confidence in AltaGas’ earnings outlook and imply meaningful potential appreciation from recent trading levels. National Bank Financial AltaGas recommendations Scotia AltaGas recommendations
• Neutral Sentiment: Quarterly results provide additional context: AltaGas reported C$0.29 in quarterly EPS and C$3.43 billion in revenue, with a 4.59% net margin and 7.00% return on equity. Without a stated comparison with analyst estimates, the immediate earnings surprise is unclear. AltaGas quarterly earnings results

About AltaGas

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.