AltaGas Ltd. (TSE:ALA) Receives C$37.40 Average Target Price from Analysts

Shares of AltaGas Ltd. (TSE:ALA) have earned an average recommendation of “Buy” from the ten analysts that are presently covering the company, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a buy rating. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is C$37.40.

A number of research analysts recently issued reports on ALA shares. CIBC increased their price objective on AltaGas from C$38.00 to C$40.00 in a report on Monday, July 15th. Scotiabank lifted their price objective on shares of AltaGas from C$36.00 to C$38.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Royal Bank of Canada increased their target price on shares of AltaGas from C$34.00 to C$37.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. National Bankshares lifted their price target on shares of AltaGas from C$36.00 to C$39.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Finally, ATB Capital increased their price objective on shares of AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a research note on Thursday, May 30th.

Insider Activity at AltaGas

In other news, Senior Officer Randy Warren Toone sold 20,000 shares of AltaGas stock in a transaction that occurred 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. In other AltaGas news, Senior Officer Randy Warren Toone sold 20,000 shares of the firm’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 Bertram Grant Bradley sold 15,000 shares of AltaGas stock in a transaction on Monday, June 24th. The stock was sold at an average price of C$30.59, for a total transaction of C$458,850.00. In the last ninety days, insiders sold 68,320 shares of company stock worth $2,180,907. Insiders own 0.58% of the company’s stock.

AltaGas Stock Down 1.0 %

AltaGas stock opened at C$34.97 on Monday. The company has a 50 day moving average of C$33.00 and a 200-day moving average of C$31.03. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. AltaGas has a twelve month low of C$24.67 and a twelve month high of C$35.49. The stock has a market capitalization of C$10.40 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of -4.97 and a beta of 1.24.

AltaGas (TSE:ALA) last released its earnings results on Thursday, August 1st. The company reported C$0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of C$2.54 billion.

AltaGas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 27th will be issued a $0.298 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.41%. AltaGas’s payout ratio is 82.07%.

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.