Jefferies Financial Group Raises AltaGas (TSE:ALA) Price Target to C$39.00

AltaGas (TSE:ALA) had its price target boosted by Jefferies Financial Group from C$37.00 to C$39.00 in a report released on Monday, BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on ALA. Scotiabank lifted their target price on AltaGas from C$36.00 to C$38.00 and gave the stock an outperform rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price target on AltaGas from C$33.00 to C$36.00 in a report on Friday, July 19th. National Bankshares raised their price objective on AltaGas from C$36.00 to C$39.00 and gave the stock an outperform rating in a research report on Friday, August 23rd. CIBC boosted their price objective on shares of AltaGas from C$38.00 to C$40.00 in a research report on Monday, July 15th. Finally, Raymond James boosted their price target on shares of AltaGas from C$35.00 to C$37.00 and gave the company an outperform rating in a report on Friday, August 2nd. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, AltaGas currently has an average rating of Buy and a consensus target price of C$37.60.

AltaGas Stock Performance

Shares of ALA opened at C$33.80 on Monday. The firm has a market cap of C$10.05 billion, a price-to-earnings ratio of 23.09, a PEG ratio of -4.97 and a beta of 1.24. The business’s 50 day moving average is C$33.42 and its two-hundred day moving average is C$31.27. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. AltaGas has a 52-week low of C$24.67 and a 52-week high of C$35.49.

AltaGas (TSE:ALA) last issued its quarterly earnings results on Thursday, August 1st. The company reported C$0.14 EPS for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.02. The company had revenue of C$2.78 billion for 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%. Analysts forecast that AltaGas will post 2.299654 EPS for the current fiscal year.

AltaGas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 27th were given a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend was Monday, September 16th. AltaGas’s dividend payout ratio is presently 82.07%.

Insider Activity

In other news, Director Aaron Bishop sold 19,820 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total value of C$665,555.60. In related news, Senior Officer Randy Warren Toone sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total value of C$101,460.00. Also, Director Aaron Bishop sold 19,820 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total value of C$665,555.60. In the last 90 days, insiders sold 33,320 shares of company stock worth $1,125,051. 0.58% of the stock is currently owned by corporate insiders.

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.