Analysts Set AltaGas Ltd. (TSE:ALA) Target Price at C$38.10

AltaGas Ltd. (TSE:ALA) has received a consensus recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is C$38.10.

ALA has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut shares of AltaGas from an “overweight” rating to a “neutral” rating and upped their price target for the company from C$36.00 to C$37.00 in a research note on Wednesday, October 23rd. BMO Capital Markets boosted their target price on shares of AltaGas from C$37.00 to C$40.00 in a report on Thursday, September 5th. ATB Capital set a C$36.00 price target on AltaGas and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Jefferies Financial Group boosted their price objective on AltaGas from C$37.00 to C$39.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Finally, Royal Bank of Canada raised their target price on AltaGas from C$37.00 to C$40.00 and gave the stock an “outperform” rating in a research note on Thursday, October 3rd.

Insider Buying and Selling at AltaGas

In related news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the stock in a transaction dated Monday, November 4th. The stock was bought at an average price of C$33.12 per share, with a total value of C$251,719.60. Company insiders own 0.58% of the company’s stock.

AltaGas Trading Down 0.7 %

Shares of AltaGas stock opened at C$33.20 on Wednesday. The stock has a market capitalization of C$9.87 billion, a P/E ratio of 22.90, a P/E/G ratio of -4.97 and a beta of 1.23. AltaGas has a 52-week low of C$26.91 and a 52-week high of C$35.77. The company has a debt-to-equity ratio of 115.50, a quick ratio of 0.44 and a current ratio of 0.85. The stock’s 50-day simple moving average is C$33.82 and its 200 day simple moving average is C$32.91.

AltaGas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st will be issued a dividend of $0.298 per share. The ex-dividend date is Monday, December 16th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.59%. AltaGas’s dividend payout ratio is 82.07%.

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.