AltaGas (TSE:ALA) PT Raised to C$40.00 at Royal Bank of Canada

AltaGas (TSE:ALA) had its price objective lifted by Royal Bank of Canada from C$37.00 to C$40.00 in a report released on Thursday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 19.37% from the stock’s current price.

ALA has been the subject of several other reports. Raymond James boosted their price objective on shares of AltaGas from C$35.00 to C$37.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. ATB Capital set a C$36.00 target price on AltaGas and gave the company an “outperform” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. boosted their price target on AltaGas from C$33.00 to C$36.00 in a research report on Friday, July 19th. Jefferies Financial Group lifted their target price on AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Scotiabank raised their price objective on shares of AltaGas from C$36.00 to C$38.00 and gave the stock an “outperform” rating in a report on Tuesday, August 20th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of C$37.90.

AltaGas Stock Performance

TSE:ALA traded down C$0.29 during trading hours on Thursday, reaching C$33.51. 197,117 shares of the company’s stock were exchanged, compared to its average volume of 902,182. The company has a 50-day moving average of C$33.48 and a 200 day moving average of C$31.31. AltaGas has a 1-year low of C$24.67 and a 1-year high of C$35.49. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. The firm has a market capitalization of C$9.97 billion, a price-to-earnings ratio of 23.11, a P/E/G ratio of -4.97 and a beta of 1.24.

AltaGas (TSE:ALA) last released its quarterly earnings data 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. The firm had revenue of C$2.78 billion during the quarter, compared to analysts’ expectations of C$2.54 billion. AltaGas had a return on equity of 5.78% and a net margin of 3.58%. Research analysts anticipate that AltaGas will post 2.299654 EPS for the current year.

Insider Buying and Selling at AltaGas

In related news, Director Aaron Bishop sold 19,820 shares of the stock in a transaction dated 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 Randy Warren Toone sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total transaction of C$101,460.00. Also, Director Aaron Bishop sold 19,820 shares of AltaGas stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total value of C$665,555.60. Insiders sold a total of 33,320 shares of company stock valued at $1,125,051 in the last ninety days. Company insiders own 0.58% of the company’s stock.

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.