BMO Capital Markets Raises AltaGas (TSE:ALA) Price Target to C$40.00

AltaGas (TSE:ALA) had its price objective boosted by BMO Capital Markets from C$37.00 to C$40.00 in a report issued on Thursday, BayStreet.CA reports.

ALA has been the subject of several other research reports. Jefferies Financial Group boosted their price objective on AltaGas from C$34.00 to C$37.00 and gave the company a buy rating in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their target price on AltaGas from C$33.00 to C$36.00 in a research note on Friday, July 19th. ATB Capital increased their target price on AltaGas from C$35.00 to C$36.00 and gave the stock an outperform rating in a research note on Thursday, May 30th. Royal Bank of Canada increased their price objective on AltaGas from C$34.00 to C$37.00 and gave the company an outperform rating in a research report on Friday, August 2nd. Finally, CIBC increased their price objective on AltaGas from C$38.00 to C$40.00 in a research report on Monday, July 15th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of Buy and a consensus price target of C$37.40.

AltaGas Trading Up 0.2 %

TSE ALA opened at C$34.37 on Thursday. AltaGas has a one year low of C$24.67 and a one year high of C$34.83. The business’s fifty day moving average is C$32.54 and its 200-day moving average is C$30.76. The stock has a market capitalization of C$10.22 billion, a price-to-earnings ratio of 23.70, a PEG ratio of -4.97 and a beta of 1.24. The company has a debt-to-equity ratio of 115.50, a current ratio of 0.85 and a quick ratio of 0.44.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Thursday, August 1st. The company reported C$0.14 EPS for the quarter, topping the consensus estimate of C$0.12 by C$0.02. The company had revenue of C$2.78 billion during the quarter, compared to analyst estimates of C$2.54 billion. AltaGas had a return on equity of 5.78% and a net margin of 3.58%. Equities research analysts predict that AltaGas will post 2.1087355 EPS for the current year.

AltaGas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Monday, September 16th will be issued a $0.298 dividend. This represents a $1.19 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend is Monday, September 16th. AltaGas’s dividend payout ratio is 82.07%.

Insiders Place Their Bets

In related news, Senior Officer Vernon Dai-Chung Yu acquired 16,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was purchased at an average cost of C$30.71 per share, for a total transaction of C$506,715.00. In other news, Director Deborah Susan Stein sold 1,650 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of C$30.64, for a total value of C$50,556.00. Also, Senior Officer Vernon Dai-Chung Yu bought 16,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were bought at an average cost of C$30.71 per share, for a total transaction of C$506,715.00. In the last ninety days, insiders bought 20,500 shares of company stock worth $627,795 and sold 66,970 shares worth $2,125,503. Company insiders own 0.58% 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.