AltaGas (TSE:ALA) Price Target Increased to C$34.00 by Analysts at Royal Bank of Canada

AltaGas (TSE:ALA) had its price objective upped by Royal Bank of Canada from C$32.00 to C$34.00 in a report issued on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Jefferies Financial Group set a C$34.00 price target on shares of AltaGas and gave the stock a buy rating in a research note on Tuesday, February 27th. TD Securities increased their price objective on shares of AltaGas from C$32.00 to C$34.00 and gave the stock a buy rating in a report on Monday, March 11th. National Bankshares boosted their target price on shares of AltaGas from C$31.00 to C$33.00 and gave the company an outperform rating in a report on Tuesday, January 30th. Finally, Scotiabank increased their price target on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an outperform rating in a research note on Wednesday, January 24th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of Buy and an average target price of C$34.15.

AltaGas Stock Performance

TSE:ALA opened at C$30.36 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.44 and a debt-to-equity ratio of 125.64. The company has a market capitalization of C$8.97 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of -4.97 and a beta of 1.22. The firm has a 50-day moving average price of C$29.47 and a two-hundred day moving average price of C$28.14. AltaGas has a twelve month low of C$22.57 and a twelve month high of C$30.55.

AltaGas (TSE:ALA) last released its quarterly earnings results on Friday, March 8th. The company reported C$0.75 EPS for the quarter, meeting the consensus estimate of C$0.75. AltaGas had a net margin of 5.18% and a return on equity of 8.90%. The business had revenue of C$3.29 billion for the quarter, compared to analyst estimates of C$4.11 billion. As a group, research analysts expect that AltaGas will post 2.1549815 earnings per share for the current fiscal year.

AltaGas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 28th were paid 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 yield of 3.93%. AltaGas’s dividend payout ratio (DPR) is presently 52.65%.

Insider Transactions at AltaGas

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

AltaGas Company Profile

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.