Scotiabank Raises AltaGas (TSE:ALA) Price Target to C$36.00

AltaGas (TSE:ALA) had its price target increased by research analysts at Scotiabank from C$35.00 to C$36.00 in a research report issued on Friday, BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 9.42% from the stock’s previous close.

A number of other brokerages have also recently commented on ALA. National Bankshares raised their price objective on AltaGas from C$35.00 to C$36.00 and gave the company an “outperform” rating in a research note on Friday. CIBC boosted their target price on AltaGas from C$38.00 to C$40.00 in a research note on Monday, July 15th. BMO Capital Markets boosted their price objective on AltaGas from C$36.00 to C$37.00 and gave the company an “outperform” rating in a research note on Thursday, May 30th. ATB Capital boosted their target price on AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a research report on Thursday, May 30th. Finally, JPMorgan Chase & Co. upped their price objective on AltaGas from C$33.00 to C$36.00 in a report on Friday, July 19th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, AltaGas has a consensus rating of “Buy” and a consensus price target of C$36.60.

AltaGas Stock Performance

ALA traded down C$0.76 during trading hours on Friday, reaching C$32.90. The company’s stock had a trading volume of 307,447 shares, compared to its average volume of 840,381. AltaGas has a 52 week low of C$24.67 and a 52 week high of C$33.94. The company’s 50-day moving average is C$31.07 and its 200-day moving average is C$29.82. The company has a debt-to-equity ratio of 117.56, a quick ratio of 0.44 and a current ratio of 1.01. The firm has a market cap of C$9.74 billion, a PE ratio of 16.03, a price-to-earnings-growth ratio of -4.97 and a beta of 1.22.

AltaGas (TSE:ALA) last posted its earnings results on Thursday, May 2nd. The company reported C$1.14 EPS for the quarter, beating the consensus estimate of C$1.05 by C$0.09. AltaGas had a return on equity of 7.93% and a net margin of 5.03%. The firm had revenue of C$3.66 billion during the quarter, compared to the consensus estimate of C$4.13 billion. On average, equities analysts forecast that AltaGas will post 2.1388695 EPS for the current year.

Insider Activity at AltaGas

In related news, Senior Officer James Harbilas sold 26,100 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of C$30.50, for a total value of C$796,050.00. In other news, Senior Officer James Harbilas sold 26,100 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of C$30.50, for a total transaction of C$796,050.00. Also, Senior Officer Bertram Grant Bradley sold 15,000 shares of AltaGas stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of C$30.59, for a total transaction of C$458,850.00. In the last quarter, insiders acquired 20,500 shares of company stock valued at $627,795 and sold 172,750 shares valued at $5,257,062. 0.57% of the stock is owned by insiders.

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.