AltaGas (TSE:ALA) Price Target Raised to C$34.00

AltaGas (TSE:ALA) had its target price increased by Royal Bank of Canada from C$32.00 to C$34.00 in a research note released on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

ALA has been the topic of several other research reports. Scotiabank boosted their price objective on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an outperform rating in a research note on Wednesday, January 24th. National Bankshares raised their price target on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an outperform rating in a research note on Tuesday, January 30th. TD Securities upped 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. Finally, Jefferies Financial Group set a C$34.00 target price on shares of AltaGas and gave the stock a buy rating in a report on Tuesday, February 27th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of Buy and an average price target of C$34.15.

AltaGas Stock Performance

Shares of TSE ALA opened at C$30.36 on Friday. The stock has a market capitalization of C$8.97 billion, a PE ratio of 13.43, a price-to-earnings-growth ratio of -4.97 and a beta of 1.22. AltaGas has a 52 week low of C$22.57 and a 52 week high of C$30.55. The stock has a 50 day moving average price of C$29.47 and a 200 day moving average price of C$28.17. 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 (TSE:ALA) last issued its quarterly earnings data on Friday, March 8th. The company reported C$0.75 EPS for the quarter, meeting analysts’ consensus estimates of C$0.75. The firm had revenue of C$3.29 billion for the quarter, compared to analyst estimates of C$4.11 billion. AltaGas had a return on equity of 8.90% and a net margin of 5.18%. 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. Investors of record on Thursday, March 28th were given a $0.298 dividend. This represents a $1.19 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from AltaGas’s previous quarterly dividend of $0.28. AltaGas’s dividend payout ratio (DPR) is presently 52.65%.

Insider Buying and Selling at AltaGas

In other news, Senior Officer Randy Warren Toone sold 16,000 shares of AltaGas stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of C$29.58, for a total value of C$473,200.00. In other news, Senior Officer Randy Warren Toone sold 16,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was 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 firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was 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 worth $2,002,672 over the last three months. Company insiders own 0.57% of the company’s stock.

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.