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

AltaGas (TSE:ALA) had its price target raised by investment analysts at Scotiabank from C$42.00 to C$45.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 11.94% from the stock’s current price.

A number of other equities research analysts have also issued reports on ALA. JPMorgan Chase & Co. boosted their target price on AltaGas from C$39.00 to C$41.00 in a research report on Monday, April 21st. Royal Bank of Canada lifted their price target on AltaGas from C$40.00 to C$43.00 and gave the company an “outperform” rating in a report on Friday. Jefferies Financial Group increased their price objective on AltaGas from C$38.00 to C$40.00 in a research note on Wednesday. CIBC lifted their target price on AltaGas from C$42.00 to C$43.00 and gave the company an “outperform” rating in a research note on Friday. Finally, National Bankshares increased their price target on shares of AltaGas from C$41.00 to C$44.00 and gave the stock an “outperform” rating in a research report on Friday. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of C$41.33.

AltaGas Stock Performance

Shares of ALA opened at C$40.20 on Friday. The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44. The firm’s 50 day moving average is C$38.35 and its 200-day moving average is C$35.53. AltaGas has a 12-month low of C$29.67 and a 12-month high of C$40.98. The stock has a market capitalization of C$11.97 billion, a P/E ratio of 23.30, a P/E/G ratio of -4.97 and a beta of 1.23.

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

Insider Buying and Selling at AltaGas

In other AltaGas news, Senior Officer Randy Warren Toone sold 92,000 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of C$39.19, for a total value of C$3,605,480.00. Also, Director Peter James Ledig sold 13,361 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of C$40.04, for a total value of C$534,974.44. Insiders sold 398,414 shares of company stock worth $15,302,227 over the last ninety days. 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.