Royal Bank of Canada Boosts AltaGas (TSE:ALA) Price Target to C$40.00

AltaGas (TSE:ALA) had its target price hoisted by Royal Bank of Canada from C$37.00 to C$40.00 in a research note released on Thursday, BayStreet.CA reports. The firm currently has an outperform rating on the stock.

ALA has been the subject of a number of other research reports. Raymond James increased their price target on AltaGas from C$35.00 to C$37.00 and gave the company an outperform rating in a report on Friday, August 2nd. BMO Capital Markets raised their price target on shares of AltaGas from C$37.00 to C$40.00 in a research report on Thursday, September 5th. Jefferies Financial Group lifted their price target on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a buy rating in a research note on Monday, September 30th. ATB Capital set a C$36.00 price objective on shares of AltaGas and gave the company an outperform rating in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. boosted their target price on shares of AltaGas from C$33.00 to C$36.00 in a research report on Friday, July 19th. 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 price target of C$37.90.

AltaGas Trading Up 1.0 %

TSE ALA opened at C$33.92 on Thursday. The stock has a market cap of C$10.09 billion, a P/E ratio of 23.39, a PEG ratio of -4.97 and a beta of 1.24. The company’s fifty day simple moving average is C$33.58 and its 200-day simple moving average is C$31.37. The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50. AltaGas has a 52 week low of C$24.67 and a 52 week high of C$35.49.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Thursday, August 1st. The company reported C$0.14 EPS for the quarter, topping analysts’ consensus estimates of C$0.12 by C$0.02. The firm 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%. Equities research analysts predict that AltaGas will post 2.299654 EPS for the current fiscal year.

AltaGas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 27th were given a dividend of $0.298 per share. The ex-dividend date was Monday, September 16th. This represents a $1.19 dividend on an annualized basis and a yield of 3.51%. AltaGas’s dividend payout ratio is currently 82.07%.

Insider Activity

In other AltaGas news, Senior Officer Bertram Grant Bradley sold 7,500 shares of the business’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. In related news, Director Aaron Bishop sold 19,820 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total transaction of C$665,555.60. Also, Senior Officer Bertram Grant Bradley sold 7,500 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of C$33.61, for a total value of C$252,075.00. Over the last quarter, insiders sold 33,320 shares of company stock valued at $1,125,051. 0.58% of the stock is currently owned by company insiders.

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.