AltaGas (TSE:ALA) Given New C$34.00 Price Target at Royal Bank of Canada

AltaGas (TSE:ALA) had its target price boosted by analysts at Royal Bank of Canada from C$32.00 to C$34.00 in a research report issued to clients and investors on Friday, BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 11.99% from the stock’s current price.

A number of other research firms have also weighed in on ALA. Scotiabank increased their price objective on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. National Bankshares boosted their target price on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. Jefferies Financial Group set a C$34.00 target price on shares of AltaGas and gave the company a “buy” rating in a report on Tuesday, February 27th. Finally, TD Securities upped their target price on shares of AltaGas from C$32.00 to C$34.00 and gave the stock a “buy” rating in a research note on Monday, March 11th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, AltaGas presently has an average rating of “Buy” and a consensus price target of C$34.15.

AltaGas Stock Performance

Shares of ALA stock traded down C$0.04 during trading on Friday, hitting C$30.36. The company’s stock had a trading volume of 636,696 shares, compared to its average volume of 782,458. The business has a fifty day moving average of C$29.44 and a 200-day moving average of C$28.11. AltaGas has a 52 week low of C$22.57 and a 52 week high of C$30.55. The company has a market cap of C$8.97 billion, a PE ratio of 13.35, a P/E/G ratio of -4.97 and a beta of 1.22. The company has a current ratio of 0.89, a quick ratio of 0.44 and a debt-to-equity ratio of 125.64.

AltaGas (TSE:ALA) last announced its quarterly earnings results on Friday, March 8th. The company reported C$0.75 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of C$0.75. AltaGas had a return on equity of 8.90% and a net margin of 5.18%. The company had revenue of C$3.29 billion for the quarter, compared to the consensus estimate of C$4.11 billion. As a group, research analysts anticipate that AltaGas will post 2.1549815 earnings per share for the current year.

Insiders Place Their Bets

In other AltaGas news, Director Jeremy Jason Weatherhead sold 12,215 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of C$29.60, for a total value of C$361,564.00. In related news, Senior Officer Randy Warren Toone sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. Also, Director Jeremy Jason Weatherhead sold 12,215 shares of AltaGas stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total value of C$361,564.00. In the last three months, insiders sold 68,239 shares of company stock valued at $2,002,672. 0.57% of the stock is currently owned by insiders.

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.