Raymond James Boosts AltaGas (TSE:ALA) Price Target to C$37.00

AltaGas (TSE:ALA) had its target price raised by Raymond James from C$35.00 to C$37.00 in a research note issued on Friday, BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Raymond James’ price objective points to a potential upside of 12.46% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Jefferies Financial Group upped their price target on AltaGas from C$34.00 to C$37.00 and gave the stock a “buy” rating in a research report on Monday. Royal Bank of Canada increased their price target on AltaGas from C$34.00 to C$37.00 and gave the company an “outperform” rating in a research note on Friday. National Bankshares increased their price objective on AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a research report on Friday. BMO Capital Markets increased their price objective on AltaGas from C$36.00 to C$37.00 and gave the stock an “outperform” rating in a research report on Thursday, May 30th. Finally, JPMorgan Chase & Co. raised their price target on AltaGas from C$33.00 to C$36.00 in a research report on Friday, July 19th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of C$36.60.

AltaGas Trading Down 2.3 %

TSE:ALA traded down C$0.76 on Friday, hitting C$32.90. 307,447 shares of the stock were exchanged, compared to its average volume of 840,381. The stock has a market capitalization of C$9.74 billion, a price-to-earnings ratio of 16.03, a P/E/G ratio of -4.97 and a beta of 1.22. AltaGas has a 52 week low of C$24.67 and a 52 week high of C$33.94. 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 company’s 50-day moving average price is C$31.07 and its 200 day moving average price is C$29.82.

AltaGas (TSE:ALA) last announced its quarterly earnings results on Thursday, May 2nd. The company reported C$1.14 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of C$3.66 billion during the quarter, compared to analysts’ expectations of C$4.13 billion. On average, equities research analysts forecast that AltaGas will post 2.1388695 earnings per share for the current year.

Insider Transactions at AltaGas

In other news, Senior Officer Randy Warren Toone sold 20,000 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of C$29.85, for a total transaction of C$597,006.00. In other AltaGas news, Senior Officer Bertram Grant Bradley sold 15,000 shares of AltaGas stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$30.59, for a total value of C$458,850.00. Also, Senior Officer Randy Warren Toone sold 20,000 shares of AltaGas stock in a transaction dated Friday, June 21st. The shares were sold at an average price of C$29.85, for a total transaction of C$597,006.00. Over the last three months, 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.

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.