Brokerages Set AltaGas Ltd. (TSE:ALA) Target Price at C$33.75

Shares of AltaGas Ltd. (TSE:ALA) have received an average recommendation of “Buy” from the eight research firms that are presently covering the stock, MarketBeat.com reports. Eight investment analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have issued ratings on the stock in the last year is C$33.75.

Several equities analysts have issued reports on ALA shares. TD Securities upped their price objective 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. Scotiabank upped their price objective on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Jefferies Financial Group set a C$34.00 price objective on shares of AltaGas and gave the company a “buy” rating in a research note on Tuesday, February 27th. CIBC upped their price objective on shares of AltaGas from C$34.00 to C$36.00 and gave the company an “outperform” rating in a research note on Friday, December 29th. Finally, National Bankshares upped their price objective on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th.

AltaGas Stock Performance

Shares of ALA stock opened at C$29.89 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.44 and a debt-to-equity ratio of 125.64. The firm has a fifty day moving average price of C$29.06 and a 200 day moving average price of C$27.90. The company has a market cap of C$8.83 billion, a P/E ratio of 13.23, a PEG ratio of -4.97 and a beta of 1.22. AltaGas has a 12 month low of C$22.28 and a 12 month high of C$30.04.

AltaGas (TSE:ALA) last issued its earnings results on Friday, March 8th. The company reported C$0.75 EPS for the quarter, hitting analysts’ consensus estimates of C$0.75. The firm had revenue of C$3.29 billion during the quarter, compared to the consensus estimate of C$4.11 billion. AltaGas had a net margin of 5.18% and a return on equity of 8.90%. Sell-side analysts predict that AltaGas will post 2.1549815 earnings per share for the current fiscal year.

AltaGas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.298 per share. This is an increase from AltaGas’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.19 annualized dividend and a dividend yield of 3.99%. AltaGas’s dividend payout ratio is 52.65%.

Insider Transactions at AltaGas

In other news, Director Jeremy Jason Weatherhead sold 12,215 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total transaction of C$361,564.00. In related news, Senior Officer Randy Warren Toone sold 16,000 shares of the stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of C$29.58, for a total transaction of C$473,200.00. Also, Director Jeremy Jason Weatherhead sold 12,215 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of C$29.60, for a total transaction of C$361,564.00. Over the last quarter, insiders sold 68,239 shares of company stock worth $2,002,672. Company insiders own 0.57% of the company’s stock.

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.