AltaGas (TSE:ALA) Given New C$37.00 Price Target at Royal Bank of Canada

AltaGas (TSE:ALA) had its price objective raised by Royal Bank of Canada from C$34.00 to C$37.00 in a research note issued to investors on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

A number of other research firms have also recently commented on ALA. Raymond James upped their price objective on AltaGas from C$34.00 to C$35.00 and gave the company an outperform rating in a report on Friday, May 31st. Jefferies Financial Group upped their price objective on AltaGas from C$34.00 to C$37.00 and gave the company a buy rating in a report on Monday, July 29th. BMO Capital Markets upped their price objective on AltaGas from C$36.00 to C$37.00 and gave the company an outperform rating in a report on Thursday, May 30th. Scotiabank upped their price objective on AltaGas from C$33.00 to C$35.00 and gave the company an outperform rating in a report on Friday, May 3rd. Finally, ATB Capital upped their price objective on AltaGas from C$35.00 to C$36.00 and gave the company an outperform rating in a report on Thursday, May 30th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of C$36.60.

AltaGas Price Performance

The firm has a market cap of C$9.76 billion, a PE ratio of 16.03, a P/E/G ratio of -4.97 and a beta of 1.22. The business’s fifty day moving average is C$31.07 and its 200 day moving average is C$29.82. AltaGas has a twelve month low of C$24.67 and a twelve month high of C$33.94. The company has a current ratio of 1.01, a quick ratio of 0.44 and a debt-to-equity ratio of 117.56.

AltaGas (TSE:ALA) last issued its earnings results on Thursday, May 2nd. The company reported C$1.14 earnings per share for the quarter, topping 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 business had revenue of C$3.66 billion for the quarter, compared to analysts’ expectations of C$4.13 billion. As a group, research analysts expect that AltaGas will post 2.1388695 EPS for the current fiscal year.

AltaGas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 16th will be given a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a dividend yield of ∞. The ex-dividend date is Monday, September 16th. AltaGas’s dividend payout ratio is currently 57.77%.

Insider Transactions at AltaGas

In other news, Senior Officer James Harbilas sold 100,000 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of C$30.45, for a total transaction of C$3,045,000.00. In other news, Senior Officer Randy Warren Toone sold 20,000 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of C$29.85, for a total transaction of C$597,006.00. Also, Senior Officer James Harbilas sold 100,000 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of C$30.45, for a total value of C$3,045,000.00. Over the last 90 days, insiders have purchased 20,500 shares of company stock valued at $627,795 and have sold 172,750 shares valued at $5,257,062. Corporate 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.