CIBC Raises AltaGas (TSE:ALA) Price Target to C$42.00

AltaGas (TSE:ALA) had its price objective raised by CIBC from C$40.00 to C$42.00 in a research note published on Thursday,BayStreet.CA reports. CIBC currently has an outperform rating on the stock.

A number of other research firms also recently weighed in on ALA. Royal Bank of Canada raised their price target on shares of AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a report on Thursday, October 3rd. ATB Capital set a C$36.00 price target on AltaGas and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Jefferies Financial Group boosted their target price on AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Scotiabank lifted their price target on shares of AltaGas from C$38.00 to C$39.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, JPMorgan Chase & Co. downgraded shares of AltaGas from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from C$36.00 to C$37.00 in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, AltaGas currently has a consensus rating of “Moderate Buy” and a consensus target price of C$38.30.

AltaGas Stock Performance

Shares of ALA stock opened at C$34.36 on Thursday. The firm has a market cap of C$10.22 billion, a P/E ratio of 23.70, a PEG ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 115.50, a current ratio of 0.85 and a quick ratio of 0.44. AltaGas has a fifty-two week low of C$26.91 and a fifty-two week high of C$35.77. The stock’s 50-day moving average is C$33.64 and its two-hundred day moving average is C$33.09.

AltaGas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend was Monday, December 16th. AltaGas’s payout ratio is 82.07%.

Insider Activity at AltaGas

In related news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was acquired at an average cost of C$32.97 per share, with a total value of C$250,549.20. 0.58% of the stock is currently owned by insiders.

AltaGas Company Profile

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage.