AltaGas Ltd. (TSE:ALA – Get Rating) has been given an average rating of “Moderate Buy” by the fourteen research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is C$32.14.
Several brokerages have recently issued reports on ALA. JPMorgan Chase & Co. lowered their price target on AltaGas from C$30.00 to C$28.00 in a research report on Tuesday, December 6th. CIBC lifted their target price on AltaGas from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 6th. Barclays set a C$29.00 target price on AltaGas and gave the stock an “overweight” rating in a research report on Wednesday, January 18th. Scotiabank lifted their target price on AltaGas from C$30.00 to C$31.00 in a research report on Monday, January 23rd. Finally, BMO Capital Markets decreased their target price on AltaGas from C$36.00 to C$35.00 in a research report on Friday, March 3rd.
Insiders Place Their Bets
In other news, Director David Wallace Cornhill bought 5,000 shares of the business’s stock in a transaction dated Tuesday, December 20th. The stock was bought at an average price of C$22.70 per share, for a total transaction of C$113,500.00. Following the completion of the purchase, the director now owns 1,453,727 shares of the company’s stock, valued at approximately C$32,999,602.90. Corporate insiders own 0.63% of the company’s stock.
AltaGas Trading Down 2.5 %
AltaGas Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 31st will be paid a dividend of $0.28 per share. This is a boost from AltaGas’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Wednesday, March 15th. This represents a $1.12 dividend on an annualized basis and a yield of 5.11%. AltaGas’s dividend payout ratio (DPR) is currently 81.75%.
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 rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.7 million customers.
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