Altagas Ltd (ALA) Given New C$30.00 Price Target at Raymond James Financial, Inc.
Altagas Ltd (TSE:ALA) had its target price reduced by research analysts at Raymond James Financial, Inc. from C$32.00 to C$30.00 in a research report issued to clients and investors on Monday. The brokerage presently has a “market perform” rating on the stock. Raymond James Financial, Inc.’s target price would suggest a potential upside of 2.21% from the stock’s previous close.
Several other analysts have also recently issued reports on the stock. Canaccord Genuity lowered their price objective on shares of Altagas from C$33.00 to C$31.00 and set a “hold” rating for the company in a research note on Tuesday, July 25th. BMO Capital Markets set a C$32.00 price objective on shares of Altagas and gave the company a “market perform” rating in a research note on Friday, July 28th. Scotiabank lowered their price objective on shares of Altagas from C$36.00 to C$34.00 and set an “outperform” rating for the company in a research note on Friday. CIBC lowered their price objective on shares of Altagas from C$38.00 to C$35.00 in a research note on Friday. Finally, Royal Bank Of Canada lowered their price objective on shares of Altagas from C$35.00 to C$33.00 and set a “sector perform” rating for the company in a research note on Friday, July 28th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of C$33.75.
Shares of Altagas (TSE ALA) traded up 0.10% on Monday, reaching $29.35. The company had a trading volume of 756,773 shares. Altagas has a 1-year low of $26.87 and a 1-year high of $35.55. The firm has a 50-day moving average price of $28.25 and a 200 day moving average price of $29.39. The firm has a market capitalization of $5.04 billion and a price-to-earnings ratio of 45.50.
Altagas (TSE:ALA) last issued its quarterly earnings results on Thursday, July 27th. The company reported C$0.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.16 by C$0.01. The company had revenue of C$539.00 million during the quarter, compared to the consensus estimate of C$633.11 million. Altagas had a negative return on equity of 0.93% and a net margin of 1.84%. Equities research analysts predict that Altagas will post $1.06 earnings per share for the current year.
Altagas Company Profile
AltaGas Ltd is a Canada-based energy infrastructure company. The Company operates through three segments: Gas, Power and Utilities. The Gas segment transacts approximately two billion cubic feet per day (Bcf/d) of natural gas and includes natural gas gathering and processing, natural gas liquids extraction and separation, transmission, storage and natural gas marketing, as well as its interest in Petrogas Energy Corp.
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