BMO Capital Markets Raises AltaGas (TSE:ALA) Price Target to C$37.00

AltaGas (TSE:ALA) had its price target increased by stock analysts at BMO Capital Markets from C$36.00 to C$37.00 in a note issued to investors on Thursday, BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. BMO Capital Markets’ target price points to a potential upside of 22.19% from the stock’s current price.

A number of other analysts also recently weighed in on ALA. Jefferies Financial Group set a C$34.00 price objective on AltaGas and gave the company a “buy” rating in a report on Tuesday, February 27th. TD Securities increased their price objective on shares of AltaGas from C$32.00 to C$34.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. Royal Bank of Canada upped their target price on shares of AltaGas from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Scotiabank increased their price objective on shares of AltaGas from C$33.00 to C$35.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Finally, National Bankshares increased their price objective on shares of AltaGas from C$33.00 to C$35.00 in a research note on Thursday. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of C$34.78.

AltaGas Price Performance

Shares of TSE:ALA traded down C$0.03 during trading on Thursday, hitting C$30.28. 162,973 shares of the company were exchanged, compared to its average volume of 778,390. The business’s 50 day moving average is C$29.94 and its 200-day moving average is C$28.71. The company has a market capitalization of C$8.97 billion, a P/E ratio of 14.70, a price-to-earnings-growth ratio of -4.97 and a beta of 1.22. The company has a quick ratio of 0.44, a current ratio of 1.01 and a debt-to-equity ratio of 117.56. AltaGas has a 1-year low of C$22.62 and a 1-year high of C$30.95.

AltaGas (TSE:ALA) last announced its quarterly earnings results on Thursday, May 2nd. The company reported C$1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of C$1.05 by C$0.09. The company had revenue of C$3.66 billion during the quarter, compared to the consensus estimate of C$4.13 billion. AltaGas had a net margin of 5.03% and a return on equity of 7.93%. Equities analysts forecast that AltaGas will post 2.1388695 earnings per share for the current year.

Insider Activity at AltaGas

In related news, Director Jeremy Jason Weatherhead sold 12,215 shares of the business’s stock in a transaction dated 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 related news, Director Jeremy Jason Weatherhead sold 12,215 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total transaction of C$361,564.00. Also, Senior Officer James Harbilas sold 26,100 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of C$30.50, for a total transaction of C$796,050.00. Insiders have sold 194,339 shares of company stock worth $5,843,722 over the last 90 days. 0.57% 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.