AltaGas (TSE:ALA) Given New C$42.00 Price Target at CIBC

AltaGas (TSE:ALA) had its price target raised by CIBC from C$40.00 to C$42.00 in a research report sent to investors on Thursday,BayStreet.CA reports. CIBC currently has an outperform rating on the stock.

Several other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut AltaGas from an “overweight” rating to a “neutral” rating and raised their target price for the stock from C$36.00 to C$37.00 in a research report on Wednesday, October 23rd. ATB Capital set a C$36.00 target price on shares of AltaGas and gave the company an “outperform” rating in a report on Tuesday, September 24th. Jefferies Financial Group lifted their price target on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Royal Bank of Canada upped their price objective 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. Finally, Scotiabank lifted their target price on AltaGas from C$38.00 to C$39.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of C$38.30.

AltaGas Stock Performance

ALA stock opened at C$33.94 on Thursday. The company has a market cap of C$10.09 billion, a P/E ratio of 23.41, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 115.50, a current ratio of 0.85 and a quick ratio of 0.44. AltaGas has a 1 year low of C$26.91 and a 1 year high of C$35.77. The stock’s fifty day moving average price is C$33.63 and its 200-day moving average price is C$33.08.

AltaGas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.298 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $1.19 dividend on an annualized basis and a yield of 3.51%. AltaGas’s dividend payout ratio is presently 82.07%.

Insider Transactions at AltaGas

In related news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the stock in a transaction dated Friday, December 13th. The shares were purchased at an average price of C$32.97 per share, with a total value of C$250,549.20. Corporate insiders own 0.58% 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.