Scotiabank Boosts AltaGas (TSE:ALA) Price Target to C$35.00

AltaGas (TSE:ALA) had its target price boosted by Scotiabank from C$33.00 to C$35.00 in a research note issued to investors on Friday, BayStreet.CA reports. The firm currently has an outperform rating on the stock.

ALA has been the topic of several other research reports. TD Securities raised their price target on shares of AltaGas from C$32.00 to C$34.00 and gave the company a buy rating in a report on Monday, March 11th. National Bankshares raised their target price 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. Royal Bank of Canada lifted their target price on shares of AltaGas from C$32.00 to C$34.00 and gave the company an outperform rating in a report on Friday. Finally, Jefferies Financial Group set a C$34.00 price target on AltaGas and gave the company a buy rating in a report on Tuesday, February 27th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of C$34.15.

AltaGas Stock Down 0.1 %

ALA opened at C$30.36 on Friday. The company has a debt-to-equity ratio of 125.64, a current ratio of 0.89 and a quick ratio of 0.44. The stock has a market capitalization of C$8.97 billion, a price-to-earnings ratio of 13.43, a price-to-earnings-growth ratio of -4.97 and a beta of 1.22. AltaGas has a 12 month low of C$22.57 and a 12 month high of C$30.55. The business has a 50-day moving average of C$29.47 and a two-hundred day moving average of C$28.17.

AltaGas (TSE:ALA) last posted its quarterly earnings results on Friday, March 8th. The company reported C$0.75 earnings per share (EPS) for the quarter, meeting 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 return on equity of 8.90% and a net margin of 5.18%. On average, research analysts expect that AltaGas will post 2.1549815 earnings per share for the current year.

AltaGas Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 28th were issued a $0.298 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.19 dividend on an annualized basis and a yield of 3.93%. This is a positive change from AltaGas’s previous quarterly dividend of $0.28. AltaGas’s payout ratio is currently 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 transaction of C$473,200.00. In related news, Senior Officer Randy Warren Toone sold 16,000 shares of AltaGas stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of C$29.58, for a total value of C$473,200.00. Also, Director Jeremy Jason Weatherhead sold 12,215 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were 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 valued at $2,002,672 in the last ninety days. 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.