Scotiabank Increases AltaGas (TSE:ALA) Price Target to C$35.00

AltaGas (TSE:ALA) had its target price increased by Scotiabank from C$33.00 to C$35.00 in a research report released on Friday morning, BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages also recently issued reports on ALA. Jefferies Financial Group set a C$34.00 price target on shares of AltaGas and gave the stock a buy rating in a research report on Tuesday, February 27th. Royal Bank of Canada increased their price target on shares of AltaGas from C$32.00 to C$34.00 and gave the company an outperform rating in a research note on Friday. National Bankshares boosted their price objective on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an outperform rating in a research report on Tuesday, January 30th. Finally, TD Securities increased their price objective on AltaGas from C$32.00 to C$34.00 and gave the company a buy rating in a research report on Monday, March 11th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, AltaGas currently has an average rating of Buy and an average target price of C$34.15.

AltaGas Stock Down 0.1 %

Shares of ALA opened at C$30.36 on Friday. The company has a market capitalization of C$8.97 billion, a P/E ratio of 13.43, a PEG ratio of -4.97 and a beta of 1.22. AltaGas has a one year low of C$22.57 and a one year high of C$30.55. The business’s 50 day simple moving average is C$29.47 and its 200-day simple moving average is C$28.17. The company has a debt-to-equity ratio of 125.64, a current ratio of 0.89 and a quick ratio of 0.44.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Friday, March 8th. The company reported C$0.75 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$0.75. The firm had revenue of C$3.29 billion during the quarter, compared to the consensus estimate of C$4.11 billion. AltaGas had a return on equity of 8.90% and a net margin of 5.18%. As a group, sell-side analysts predict that AltaGas will post 2.1549815 EPS for the current fiscal year.

AltaGas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 28th were given a dividend of $0.298 per share. This is a boost from AltaGas’s previous quarterly dividend of $0.28. The ex-dividend date was Thursday, March 14th. This represents a $1.19 annualized dividend and a dividend yield of 3.93%. AltaGas’s payout ratio is presently 52.65%.

Insider Transactions at AltaGas

In related news, Senior Officer Randy Warren Toone sold 40,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of C$29.18, for a total value of C$1,167,200.00. In other AltaGas news, Director Jeremy Jason Weatherhead sold 12,215 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total value of C$361,564.00. Also, Senior Officer Randy Warren Toone sold 40,000 shares of AltaGas stock in a transaction on Thursday, April 4th. The stock was sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. Insiders have sold 68,239 shares of company stock worth $2,002,672 in the last three months. Insiders own 0.57% 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.