AltaGas Ltd. (TSE:ALA) Receives C$38.10 Consensus Price Target from Brokerages

Shares of AltaGas Ltd. (TSE:ALA) have been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is C$38.10.

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. lowered AltaGas from an “overweight” rating to a “neutral” rating and increased their price target for the stock from C$36.00 to C$37.00 in a research note on Wednesday, October 23rd. ATB Capital set a C$36.00 target price on AltaGas and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Raymond James boosted their price target on AltaGas from C$35.00 to C$37.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. CIBC increased their price objective on shares of AltaGas from C$38.00 to C$40.00 in a report on Monday, July 15th. Finally, National Bankshares boosted their target price on shares of AltaGas from C$36.00 to C$39.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd.

AltaGas Price Performance

Shares of TSE ALA opened at C$33.49 on Tuesday. The company has a market capitalization of C$9.96 billion, a PE ratio of 23.10, a PEG ratio of -4.97 and a beta of 1.23. AltaGas has a twelve month low of C$26.10 and a twelve month high of C$35.77. The stock’s 50 day moving average price is C$34.06 and its 200-day moving average price is C$32.05. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Monday, December 16th. AltaGas’s payout ratio is 82.07%.

Insiders Place Their Bets

In other AltaGas news, Director Aaron Bishop sold 19,820 shares of the company’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. In other AltaGas news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were purchased at an average price of C$33.12 per share, with a total value of C$251,719.60. Also, Director Aaron Bishop sold 19,820 shares of the company’s stock in a transaction on 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 33,320 shares of company stock valued at $1,125,051 in the last three months. Corporate 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.