AltaGas (TSE:ALA) Price Target Raised to C$44.00

AltaGas (TSE:ALA) had its target price raised by National Bankshares from C$41.00 to C$44.00 in a research report report published on Friday morning,BayStreet.CA reports. National Bankshares currently has an outperform rating on the stock.

A number of other research analysts have also recently commented on ALA. JPMorgan Chase & Co. increased their price target on AltaGas from C$39.00 to C$41.00 in a research note on Monday, April 21st. Scotiabank upped their price objective on AltaGas from C$40.00 to C$42.00 in a research note on Monday, March 10th. CIBC boosted their target price on shares of AltaGas from C$42.00 to C$43.00 and gave the stock an “outperform” rating in a report on Friday. BMO Capital Markets raised their price target on shares of AltaGas from C$40.00 to C$43.00 in a research note on Friday. Finally, Jefferies Financial Group increased their price objective on AltaGas from C$38.00 to C$40.00 in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$41.33.

AltaGas Price Performance

Shares of ALA stock opened at C$40.20 on Friday. The business has a fifty day simple moving average of C$38.35 and a 200 day simple moving average of C$35.53. The company has a market cap of C$11.97 billion, a P/E ratio of 23.30, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a quick ratio of 0.44, a current ratio of 1.03 and a debt-to-equity ratio of 135.26. AltaGas has a twelve month low of C$29.67 and a twelve month high of C$40.98.

AltaGas (TSE:ALA) last posted its quarterly earnings results on Friday, March 7th. The company reported C$0.76 earnings per share for the quarter. AltaGas had a net margin of 4.04% and a return on equity of 6.36%. On average, sell-side analysts forecast that AltaGas will post 2.3006093 EPS for the current fiscal year.

AltaGas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were paid a $0.315 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $1.26 annualized dividend and a dividend yield of 3.13%. This is a positive change from AltaGas’s previous quarterly dividend of $0.30. AltaGas’s payout ratio is currently 68.98%.

Insider Buying and Selling at AltaGas

In other AltaGas news, Senior Officer Randy Warren Toone sold 92,000 shares of the business’s stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of C$39.19, for a total transaction of C$3,605,480.00. Also, Director Peter James Ledig sold 13,361 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of C$40.04, for a total value of C$534,974.44. Over the last quarter, insiders sold 398,414 shares of company stock valued at $15,302,227. Company insiders own 0.58% of the company’s stock.

About AltaGas

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage.