AltaGas (TSE:ALA) Downgraded by JPMorgan Chase & Co. to “Neutral”

AltaGas (TSE:ALA) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Wednesday, BayStreet.CA reports. They currently have a C$37.00 price target on the stock, up from their prior price target of C$36.00. JPMorgan Chase & Co.‘s price objective points to a potential upside of 7.50% from the stock’s current price.

A number of other analysts have also weighed in on the stock. ATB Capital set a C$36.00 price target on shares of AltaGas and gave the company an “outperform” rating in a report on Tuesday, September 24th. BMO Capital Markets boosted their price target on shares of AltaGas from C$37.00 to C$40.00 in a research note on Thursday, September 5th. Royal Bank of Canada raised their price objective on shares of AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a research note on Thursday, October 3rd. CIBC upped their target price on shares of AltaGas from C$38.00 to C$40.00 in a research report on Monday, July 15th. Finally, Scotiabank lifted their price objective on AltaGas from C$36.00 to C$38.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of C$38.00.

AltaGas Stock Down 3.3 %

TSE ALA traded down C$1.18 during trading on Wednesday, reaching C$34.42. The company’s stock had a trading volume of 359,163 shares, compared to its average volume of 890,413. The business has a 50-day moving average price of C$33.98 and a 200-day moving average price of C$31.74. AltaGas has a 1-year low of C$24.67 and a 1-year high of C$35.77. The stock has a market capitalization of C$10.24 billion, a PE ratio of 23.74, a PEG ratio of -4.97 and a beta of 1.23. The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50.

AltaGas (TSE:ALA) last announced its earnings results on Thursday, August 1st. The company reported C$0.14 earnings per share for the quarter, beating the consensus estimate of C$0.12 by C$0.02. AltaGas had a return on equity of 5.78% and a net margin of 3.58%. The firm had revenue of C$2.78 billion during the quarter, compared to the consensus estimate of C$2.54 billion. On average, research analysts forecast that AltaGas will post 2.3006093 earnings per share for the current fiscal year.

Insider Buying and Selling

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

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.