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

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

Several other equities research analysts have also recently issued reports on the stock. Jefferies Financial Group set a C$34.00 price objective on shares of AltaGas and gave the stock a buy rating in a research report on Tuesday, February 27th. 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 report on Tuesday, January 30th. TD Securities upped their price objective on AltaGas from C$32.00 to C$34.00 and gave the company a buy rating in a report on Monday, March 11th. Finally, Royal Bank of Canada lifted their target price on AltaGas from C$32.00 to C$34.00 and gave the company an outperform rating in a research report on Friday. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of Buy and a consensus price target of C$34.15.

AltaGas Stock Performance

TSE:ALA opened at C$30.20 on Friday. AltaGas has a twelve month low of C$22.57 and a twelve month high of C$30.58. The company has a market cap of C$8.92 billion, a P/E ratio of 13.36, a P/E/G ratio of -4.97 and a beta of 1.22. The company has a current ratio of 0.89, a quick ratio of 0.44 and a debt-to-equity ratio of 125.64. The company’s 50-day moving average price is C$29.50 and its 200-day moving average price is C$28.19.

AltaGas (TSE:ALA) last released its earnings results on Friday, March 8th. The company reported C$0.75 earnings per share for the quarter, hitting analysts’ consensus estimates of C$0.75. The business had revenue of C$3.29 billion for the quarter, compared to analyst estimates of C$4.11 billion. AltaGas had a net margin of 5.18% and a return on equity of 8.90%. On average, sell-side analysts forecast that AltaGas will post 2.1549815 earnings per share for the current fiscal year.

AltaGas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 28th were given a dividend of $0.298 per share. This represents a $1.19 annualized dividend and a dividend yield of 3.95%. 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 is currently 52.65%.

Insider Activity at AltaGas

In other AltaGas news, Director Jeremy Jason Weatherhead sold 12,215 shares of the stock in a transaction that occurred 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. In other news, Senior Officer Randy Warren Toone sold 40,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. Also, Director Jeremy Jason Weatherhead sold 12,215 shares of the company’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. Over the last quarter, insiders sold 68,239 shares of company stock worth $2,002,672. Corporate 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.