AltaGas (TSE:ALA) Given a C$29.00 Price Target at Barclays

Barclays set a C$29.00 target price on AltaGas (TSE:ALA – Get Rating) in a report released on Wednesday, BayStreet.CA reports. The firm currently has an overweight rating on the stock.

ALA has been the topic of several other research reports. CIBC raised their price target on shares of AltaGas from C$32.00 to C$34.00 and gave the company an outperform rating in a research note on Tuesday, December 6th. National Bankshares lowered their price objective on shares of AltaGas from C$33.00 to C$30.00 in a research note on Thursday, October 20th. Scotiabank lowered their price objective on shares of AltaGas from C$31.00 to C$30.00 in a research note on Monday, October 31st. JPMorgan Chase & Co. lowered their price objective on shares of AltaGas from C$30.00 to C$28.00 in a research note on Tuesday, December 6th. Finally, Royal Bank of Canada lowered their price objective on shares of AltaGas from C$34.00 to C$30.00 and set an outperform rating on the stock in a research note on Monday, October 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of C$31.96.

AltaGas Price Performance

Shares of TSE:ALA opened at C$24.53 on Wednesday. The firm’s 50 day moving average is C$23.40 and its two-hundred day moving average is C$25.96. AltaGas has a 52 week low of C$22.05 and a 52 week high of C$31.16. The firm has a market capitalization of C$6.91 billion and a P/E ratio of 36.61. The company has a current ratio of 1.09, a quick ratio of 0.44 and a debt-to-equity ratio of 123.88.

AltaGas (TSE:ALA – Get Rating) last announced its quarterly earnings results on Friday, October 28th. The company reported C$0.10 EPS for the quarter, beating the consensus estimate of C$0.09 by C$0.01. The firm had revenue of C$3.06 billion during the quarter, compared to analyst estimates of C$2.13 billion. Analysts anticipate that AltaGas will post 1.9800001 earnings per share for the current year.

AltaGas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Thursday, March 16th will be paid a $0.28 dividend. This is a positive change from AltaGas’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Wednesday, March 15th. This represents a $1.12 dividend on an annualized basis and a yield of 4.57%. AltaGas’s dividend payout ratio (DPR) is currently 155.96%.

Insider Buying and Selling

In related news, Senior Officer Randy Warren Toone sold 54,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of C$22.49, for a total value of C$1,214,460.00. Following the completion of the transaction, the insider now owns 321,387 shares of the company’s stock, valued at approximately C$7,227,993.63. In other news, Director David Wallace Cornhill acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 15th. The stock was purchased at an average price of C$23.37 per share, with a total value of C$46,748.00. Following the purchase, the director now owns 1,430,727 shares of the company’s stock, valued at approximately C$33,441,812.90. Also, Senior Officer Randy Warren Toone sold 54,000 shares of AltaGas stock in a transaction on Wednesday, November 23rd. The shares were sold at an average price of C$22.49, for a total transaction of C$1,214,460.00. Following the sale, the insider now directly owns 321,387 shares of the company’s stock, valued at approximately C$7,227,993.63.

AltaGas Company Profile

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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 rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.7 million customers.