AltaGas Ltd. (TSE:ALA) Stock Has Consensus Target Price of C$58.10

Shares of AltaGas Ltd. (TSE:ALA) have been assigned an average recommendation of “Moderate Buy” from the eight brokerages that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is C$58.10.

ALA has been the subject of several research analyst reports. ATB Cormark Capital Markets boosted their price target on shares of AltaGas from C$60.00 to C$63.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Scotia boosted their target price on AltaGas from C$61.00 to C$63.00 and gave the company a “sector outperform” rating in a research note on Friday. Royal Bank Of Canada boosted their target price on AltaGas from C$55.00 to C$59.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. National Bank Financial increased their price target on AltaGas from C$60.00 to C$61.00 and gave the stock an “outperform” rating in a report on Friday. Finally, BMO Capital Markets raised their price target on AltaGas from C$54.00 to C$59.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st.

AltaGas Stock Down 1.2%

Shares of TSE:ALA opened at C$55.52 on Friday. AltaGas has a 52 week low of C$39.45 and a 52 week high of C$58.14. The company has a debt-to-equity ratio of 112.99, a quick ratio of 0.43 and a current ratio of 0.86. The company has a market capitalization of C$17.32 billion, a PE ratio of 28.04, a PEG ratio of -4.97 and a beta of 0.32. The company has a 50 day moving average price of C$53.94 and a two-hundred day moving average price of C$51.01.

AltaGas (TSE:ALA) last posted its earnings results on Thursday, October 29th. The company reported C$0.29 earnings per share for the quarter. The company had revenue of C$3.43 billion for the quarter. AltaGas had a net margin of 4.59% and a return on equity of 7.00%. Analysts forecast that AltaGas will post 2.30 earnings per share for the current year.

AltaGas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were paid a dividend of $0.3340 per share. This represents a $1.34 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, September 16th. AltaGas’s dividend payout ratio is presently 65.56%.

Key Headlines Impacting AltaGas

Here are the key news stories impacting AltaGas this week:

• Positive Sentiment: Normalized net income increased: AltaGas reported higher third-quarter normalized net income, indicating improved underlying profitability and providing a positive earnings catalyst. AltaGas Q3 Normalized Net Income Rises
• Positive Sentiment: Management expects a strong full-year finish: AltaGas’ CEO said the company expects full-year results to land near the high end of its guidance range. That signals confidence in operating performance and could support investor expectations for the remainder of the year. AltaGas CEO expects full-year results near high-end of guidance
• Positive Sentiment: Analysts raised their valuation targets: National Bank Financial lifted its target from C$60 to C$61 while maintaining an “outperform” rating. Scotia raised its target from C$61 to C$63 and retained a “sector outperform” rating. The revisions reflect increased confidence in AltaGas’ earnings outlook and imply meaningful potential appreciation from recent trading levels. National Bank Financial AltaGas recommendations Scotia AltaGas recommendations
• Neutral Sentiment: Quarterly results provide additional context: AltaGas reported C$0.29 in quarterly EPS and C$3.43 billion in revenue, with a 4.59% net margin and 7.00% return on equity. Without a stated comparison with analyst estimates, the immediate earnings surprise is unclear. AltaGas quarterly earnings results

About AltaGas

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.