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

Shares of AltaGas Ltd. (TSE:ALA) have received an average recommendation of “Buy” from the ten analysts that are presently covering the stock, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have covered the stock in the last year is C$37.40.

Several research analysts recently issued reports on the company. CIBC raised their target price on AltaGas from C$38.00 to C$40.00 in a research report on Monday, July 15th. Scotiabank lifted their price objective on AltaGas from C$36.00 to C$38.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. increased their target price on shares of AltaGas from C$33.00 to C$36.00 in a research report on Friday, July 19th. National Bankshares raised their price target 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. Finally, Royal Bank of Canada upped their price objective on shares of AltaGas from C$34.00 to C$37.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd.

AltaGas Stock Performance

Shares of ALA stock opened at C$32.81 on Monday. The firm has a market capitalization of C$9.76 billion, a price-to-earnings ratio of 22.63, a PEG ratio of -4.97 and a beta of 1.24. The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50. The business’s 50-day moving average price is C$33.11 and its 200-day moving average price is C$31.09. AltaGas has a 12 month low of C$24.67 and a 12 month high of C$35.49.

AltaGas (TSE:ALA) last posted its earnings results on Thursday, August 1st. The company reported C$0.14 EPS for the quarter, topping the consensus estimate of C$0.12 by C$0.02. AltaGas had a net margin of 3.58% and a return on equity of 5.78%. The business had revenue of C$2.78 billion for the quarter, compared to the consensus estimate of C$2.54 billion.

AltaGas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 27th will be given a $0.298 dividend. This represents a $1.19 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date is Monday, September 16th. AltaGas’s payout ratio is 82.07%.

Insiders Place Their Bets

In related news, Senior Officer Bertram Grant Bradley sold 7,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of C$33.61, for a total value of C$252,075.00. In other news, Director Aaron Bishop sold 19,820 shares of the firm’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 value of C$665,555.60. Also, Senior Officer Bertram Grant Bradley sold 7,500 shares of AltaGas stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of C$33.61, for a total value of C$252,075.00. Over the last quarter, insiders have sold 33,320 shares of company stock worth $1,125,051. 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.