AltaGas (TSE:ALA) PT Raised to C$37.00

AltaGas (TSE:ALA) had its price target boosted by analysts at Royal Bank of Canada from C$34.00 to C$37.00 in a note issued to investors on Friday, BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 12.46% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Raymond James raised their price objective on AltaGas from C$34.00 to C$35.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. ATB Capital raised their target price 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. CIBC raised their target price on AltaGas from C$38.00 to C$40.00 in a research note on Monday, July 15th. Scotiabank upped their price objective on shares of AltaGas from C$33.00 to C$35.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Finally, National Bankshares upped their price objective on shares of AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a report on Friday. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, AltaGas currently has an average rating of “Buy” and a consensus target price of C$36.60.

AltaGas Stock Down 2.3 %

Shares of ALA stock traded down C$0.76 during mid-day trading on Friday, reaching C$32.90. 307,447 shares of the company were exchanged, compared to its average volume of 840,381. AltaGas has a fifty-two week low of C$24.67 and a fifty-two week high of C$33.94. The company has a debt-to-equity ratio of 117.56, a quick ratio of 0.44 and a current ratio of 1.01. The company has a market capitalization of C$9.74 billion, a P/E ratio of 16.03, a P/E/G ratio of -4.97 and a beta of 1.22. The business’s 50 day simple moving average is C$31.07 and its 200 day simple moving average is C$29.82.

AltaGas (TSE:ALA) last announced its quarterly earnings data on Thursday, May 2nd. The company reported C$1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of C$1.05 by C$0.09. AltaGas had a return on equity of 7.93% and a net margin of 5.03%. The firm had revenue of C$3.66 billion for the quarter, compared to analysts’ expectations of C$4.13 billion. Research analysts predict that AltaGas will post 2.1388695 earnings per share for the current year.

Insiders Place Their Bets

In other AltaGas news, Senior Officer James Harbilas sold 100,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of C$30.45, for a total transaction of C$3,045,000.00. In other AltaGas news, Senior Officer Bertram Grant Bradley sold 10,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of C$30.96, for a total transaction of C$309,600.00. Also, Senior Officer James Harbilas sold 100,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of C$30.45, for a total value of C$3,045,000.00. In the last quarter, insiders have purchased 20,500 shares of company stock worth $627,795 and have sold 172,750 shares worth $5,257,062. Corporate insiders own 0.57% 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.