BMO Capital Markets Increases AltaGas (TSE:ALA) Price Target to C$40.00

AltaGas (TSE:ALA) had its price target increased by BMO Capital Markets from C$37.00 to C$40.00 in a research report sent to investors on Thursday, BayStreet.CA reports.

Other research analysts also recently issued reports about the company. Scotiabank increased their target price on AltaGas from C$36.00 to C$38.00 and gave the company an outperform rating in a research report on Tuesday, August 20th. Royal Bank of Canada lifted their price objective on shares of AltaGas from C$34.00 to C$37.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their target price on shares of AltaGas from C$33.00 to C$36.00 in a research report on Friday, July 19th. Raymond James boosted their price objective on AltaGas from C$35.00 to C$37.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Finally, ATB Capital 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 Thursday, May 30th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, AltaGas has an average rating of Buy and an average target price of C$37.40.

AltaGas Price Performance

Shares of TSE:ALA opened at C$34.30 on Thursday. The company has a debt-to-equity ratio of 115.50, a quick ratio of 0.44 and a current ratio of 0.85. The firm has a market cap of C$10.20 billion, a price-to-earnings ratio of 23.66, a P/E/G ratio of -4.97 and a beta of 1.24. The firm has a fifty day moving average price of C$32.38 and a 200 day moving average price of C$30.67. AltaGas has a fifty-two week low of C$24.67 and a fifty-two week high of C$34.83.

AltaGas (TSE:ALA) last issued its earnings results on Thursday, August 1st. The company reported C$0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.12 by C$0.02. AltaGas had a return on equity of 5.78% and a net margin of 3.58%. The firm had revenue of C$2.78 billion for the quarter, compared to analysts’ expectations of C$2.54 billion. As a group, sell-side analysts expect that AltaGas will post 2.1087355 earnings per share for the current fiscal year.

AltaGas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 16th will be issued a $0.298 dividend. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Monday, September 16th. AltaGas’s payout ratio is presently 82.07%.

Insider Buying and Selling

In other AltaGas news, Senior Officer Randy Warren Toone sold 3,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total value of C$101,460.00. In other news, Director Angela S. Lekatsas acquired 2,000 shares of AltaGas stock in a transaction on Monday, June 17th. The shares were bought at an average cost of C$29.96 per share, for a total transaction of C$59,920.00. Also, Senior Officer Randy Warren Toone sold 3,000 shares of AltaGas stock in a transaction on Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total value of C$101,460.00. In the last 90 days, insiders have purchased 20,500 shares of company stock valued at $627,795 and have sold 66,970 shares valued at $2,125,503. 0.58% of the stock is currently owned by 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.