AltaGas (TSE:ALA) Given New C$39.00 Price Target at Scotiabank

AltaGas (TSE:ALA) had its target price upped by Scotiabank from C$38.00 to C$39.00 in a research report report published on Thursday, MarketBeat Ratings reports. They currently have an outperform rating on the stock.

A number of other brokerages have also weighed in on ALA. Royal Bank of Canada lifted their price target on shares of AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a report on Thursday, October 3rd. National Bankshares upped their target price on AltaGas from C$36.00 to C$39.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. CIBC upped their target price on AltaGas from C$38.00 to C$40.00 in a research report on Monday, July 15th. JPMorgan Chase & Co. downgraded AltaGas from an “overweight” rating to a “neutral” rating and upped their target price for the stock from C$36.00 to C$37.00 in a research report on Wednesday. Finally, ATB Capital set a C$36.00 target price on AltaGas and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of C$38.10.

AltaGas Stock Performance

The stock has a market cap of C$10.12 billion, a PE ratio of 23.28, a P/E/G ratio of -4.97 and a beta of 1.23. The stock has a 50 day moving average price of C$34.01 and a 200 day moving average price of C$31.76. AltaGas has a 12 month low of C$24.67 and a 12 month high of C$35.77. The company has a debt-to-equity ratio of 115.50, a current ratio of 0.85 and a quick ratio of 0.44.

AltaGas (TSE:ALA) last announced its quarterly earnings results on Thursday, August 1st. The company reported C$0.14 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.02. The company had revenue of C$2.78 billion for the quarter, compared to analyst estimates of C$2.54 billion. AltaGas had a net margin of 3.58% and a return on equity of 5.78%. Research analysts forecast that AltaGas will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 27th were issued a $0.298 dividend. The ex-dividend date was Monday, September 16th. This represents a $1.19 dividend on an annualized basis and a dividend yield of ∞. AltaGas’s dividend payout ratio (DPR) is 82.07%.

Insider Buying and Selling

In other AltaGas news, Director Aaron Bishop sold 19,820 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total transaction of C$665,555.60. In related news, Senior Officer Bertram Grant Bradley sold 7,500 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of C$33.61, for a total transaction of C$252,075.00. Also, Director Aaron Bishop sold 19,820 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total value of C$665,555.60. Insiders have sold 33,320 shares of company stock worth $1,125,051 over the last ninety days. 0.58% 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.