AltaGas (TSE:ALA) Price Target Raised to C$63.00

AltaGas (TSE:ALA) had its target price upped by Scotia from C$61.00 to C$63.00 in a research report released on Friday morning,BayStreet reports. The firm currently has a sector outperform rating on the stock.

Several other equities analysts also recently commented on the stock. Canadian Imperial Bank of Commerce downgraded shares of AltaGas from an “outperformer” rating to a “hold” rating and set a C$58.00 price objective for the company. in a research note on Thursday, October 22nd. ATB Cormark Capital Markets increased their price objective on AltaGas from C$60.00 to C$63.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. BMO Capital Markets lifted their price objective on AltaGas from C$54.00 to C$59.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Scotiabank upped their price target on shares of AltaGas from C$57.00 to C$62.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 21st. Finally, Royal Bank Of Canada upped their target price on AltaGas from C$55.00 to C$59.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, AltaGas has an average rating of “Moderate Buy” and an average price target of C$58.10.

AltaGas Stock Down 1.2%

Shares of TSE ALA opened at C$55.52 on Friday. The stock has a market cap of C$17.32 billion, a P/E ratio of 28.04, a PEG ratio of -4.97 and a beta of 0.32. The company has a current ratio of 0.85, a quick ratio of 0.43 and a debt-to-equity ratio of 120.38. AltaGas has a 12-month low of C$39.45 and a 12-month high of C$58.14. The business’s fifty day simple moving average is C$53.94 and its 200-day simple moving average is C$51.01.

AltaGas (TSE:ALA) last posted its earnings results on Thursday, October 29th. The company reported C$0.29 earnings per share (EPS) for the quarter. The firm had revenue of C$3.43 billion during the quarter. AltaGas had a net margin of 4.33% and a return on equity of 6.83%. As a group, equities analysts predict that AltaGas will post 2.30 EPS for the current fiscal year.

AltaGas Announces Dividend

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

AltaGas News Roundup

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

AltaGas Company Profile

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.