Scotiabank Forecasts Strong Price Appreciation for AltaGas (TSE:ALA) Stock

AltaGas (TSE:ALA) had its price target increased by Scotiabank from C$42.00 to C$45.00 in a research report sent to investors on Friday,BayStreet.CA reports. Scotiabank currently has an outperform rating on the stock.

Other equities research analysts have also recently issued reports about the company. CIBC lifted their target price on AltaGas from C$42.00 to C$43.00 and gave the stock an “outperform” rating in a report on Friday. BMO Capital Markets increased their target price on AltaGas from C$40.00 to C$43.00 in a research report on Friday. Jefferies Financial Group upped their price target on shares of AltaGas from C$38.00 to C$40.00 in a research note on Wednesday, April 30th. National Bankshares lifted their price objective on shares of AltaGas from C$41.00 to C$44.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, JPMorgan Chase & Co. boosted their target price on shares of AltaGas from C$39.00 to C$41.00 in a report on Monday, April 21st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$41.33.

AltaGas Trading Down 0.0 %

ALA stock opened at C$40.20 on Friday. The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44. AltaGas has a 1-year low of C$29.67 and a 1-year high of C$40.98. The business has a 50 day simple moving average of C$38.35 and a two-hundred day simple moving average of C$35.53. The company has a market capitalization of C$11.97 billion, a price-to-earnings ratio of 23.30, a PEG ratio of -4.97 and a beta of 1.23.

AltaGas (TSE:ALA) last issued its earnings results on Friday, March 7th. The company reported C$0.76 earnings per share for the quarter. AltaGas had a net margin of 4.04% and a return on equity of 6.36%. Research analysts anticipate that AltaGas will post 2.3006093 EPS for the current fiscal year.

AltaGas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 31st were given a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Monday, March 17th. This is a positive change from AltaGas’s previous quarterly dividend of $0.30. AltaGas’s payout ratio is 68.98%.

Insider Activity

In other AltaGas news, Director Peter James Ledig sold 13,361 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of C$40.04, for a total value of C$534,974.44. Also, Senior Officer Randy Warren Toone sold 92,000 shares of the business’s stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of C$39.19, for a total transaction of C$3,605,480.00. Over the last 90 days, insiders have sold 398,414 shares of company stock valued at $15,302,227. 0.58% of the stock is currently owned by insiders.

About AltaGas

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.