AltaGas Ltd. (TSE:ALA) Receives C$38.10 Average Price Target from Brokerages

AltaGas Ltd. (TSE:ALA) has been given an average rating of “Moderate Buy” by the ten brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is C$38.10.

ALA has been the subject of several research analyst reports. JPMorgan Chase & Co. cut AltaGas from an “overweight” rating to a “neutral” rating and raised their price target for the company from C$36.00 to C$37.00 in a report on Wednesday, October 23rd. Jefferies Financial Group raised their target price on shares of AltaGas from C$37.00 to C$39.00 and gave the company a “buy” rating in a report on Monday, September 30th. ATB Capital set a C$36.00 price target on shares of AltaGas and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Scotiabank increased their price objective on shares of AltaGas from C$38.00 to C$39.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, 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.

Insider Activity at AltaGas

In other AltaGas news, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average cost of C$33.12 per share, with a total value of C$251,719.60. 0.58% of the stock is currently owned by insiders.

AltaGas Trading Down 0.7 %

Shares of AltaGas stock opened at C$33.20 on Wednesday. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. The firm has a market cap of C$9.87 billion, a price-to-earnings ratio of 22.90, a PEG ratio of -4.97 and a beta of 1.23. AltaGas has a twelve month low of C$26.91 and a twelve month high of C$35.77. The business has a 50-day moving average price of C$33.84 and a 200-day moving average price of C$32.89.

AltaGas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st will be paid a dividend of $0.298 per share. The ex-dividend date of this dividend 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 presently 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.