Scotiabank Increases AltaGas (TSE:ALA) Price Target to C$35.00

AltaGas (TSE:ALA) had its target price increased by Scotiabank from C$33.00 to C$35.00 in a research note published on Friday, BayStreet.CA reports. Scotiabank currently has an outperform rating on the stock.

Several other equities research analysts have also commented on the stock. TD Securities raised their price target on shares of AltaGas from C$32.00 to C$34.00 and gave the company a buy rating in a research note on Monday, March 11th. Jefferies Financial Group set a C$34.00 price objective on shares of AltaGas and gave the company a buy rating in a report on Tuesday, February 27th. National Bankshares boosted their target price on AltaGas from C$31.00 to C$33.00 and gave the stock an outperform rating in a report on Tuesday, January 30th. Finally, Royal Bank of Canada increased their price target on AltaGas from C$32.00 to C$34.00 and gave the company an outperform rating in a research note on Friday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of Buy and an average target price of C$34.15.

AltaGas Trading Down 0.5 %

AltaGas stock opened at C$30.20 on Friday. The company has a debt-to-equity ratio of 125.64, a quick ratio of 0.44 and a current ratio of 0.89. AltaGas has a 1 year low of C$22.57 and a 1 year high of C$30.58. The firm’s 50-day moving average is C$29.50 and its 200-day moving average is C$28.19. The company has a market cap of C$8.92 billion, a P/E ratio of 13.36, a PEG ratio of -4.97 and a beta of 1.22.

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, hitting the consensus estimate of C$0.75. AltaGas had a return on equity of 8.90% and a net margin of 5.18%. The business had revenue of C$3.29 billion for the quarter, compared to the consensus estimate of C$4.11 billion. On average, equities analysts expect that AltaGas will post 2.1549815 earnings per share for the current year.

AltaGas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 28th were issued a $0.298 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.19 annualized dividend and a dividend yield of 3.95%. This is a boost from AltaGas’s previous quarterly dividend of $0.28. AltaGas’s dividend payout ratio is currently 52.65%.

Insider Transactions at AltaGas

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

About AltaGas

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.