Scotiabank Forecasts Strong Price Appreciation for AltaGas (TSE:ALA) Stock

AltaGas (TSE:ALA) had its price objective hoisted by Scotiabank from C$40.00 to C$42.00 in a report released on Monday morning,BayStreet.CA reports.

Separately, CIBC increased their price target on shares of AltaGas from C$40.00 to C$42.00 and gave the stock an “outperform” rating in a report on Thursday, January 9th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$39.11.

AltaGas Price Performance

TSE ALA opened at C$38.17 on Monday. The company has a market cap of C$11.36 billion, a PE ratio of 22.12, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. AltaGas has a 52 week low of C$28.63 and a 52 week high of C$38.61. The company has a quick ratio of 0.44, a current ratio of 1.03 and a debt-to-equity ratio of 135.26. The firm’s 50-day simple moving average is C$34.77 and its two-hundred day simple moving average is C$34.18.

AltaGas (TSE:ALA) last released its quarterly earnings data on Friday, March 7th. The company reported C$0.76 EPS for the quarter. AltaGas had a net margin of 4.04% and a return on equity of 6.36%. Research analysts predict that AltaGas will post 2.3006093 earnings per share for the current year.

AltaGas Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were paid a $0.298 dividend. This represents a $1.19 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend was Monday, December 16th. AltaGas’s dividend payout ratio is currently 68.98%.

Insider Activity at AltaGas

In related news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average cost of C$32.97 per share, with a total value of C$250,549.20. Also, Senior Officer Donald Mark Jenkins sold 12,352 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of C$33.90, for a total transaction of C$418,732.80. 0.58% of the stock is currently owned by insiders.

About AltaGas

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage.