Brokerages Set AltaGas Ltd. (TSE:ALA) PT at C$41.33

Shares of AltaGas Ltd. (TSE:ALA) have received a consensus recommendation of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is C$41.33.

A number of analysts have issued reports on the company. CIBC raised their price target on AltaGas from C$42.00 to C$43.00 and gave the stock an “outperform” rating in a research note on Friday, May 2nd. Scotiabank raised their price target on AltaGas from C$42.00 to C$45.00 and gave the stock an “outperform” rating in a research note on Friday, May 2nd. BMO Capital Markets raised their price target on AltaGas from C$40.00 to C$43.00 in a research note on Friday, May 2nd. Royal Bank Of Canada raised their price objective on AltaGas from C$40.00 to C$43.00 and gave the stock an “outperform” rating in a report on Friday, May 2nd. Finally, Veritas upgraded AltaGas to a “strong sell” rating in a report on Friday, May 2nd.

AltaGas Stock Up 0.6%

Shares of TSE:ALA opened at C$38.47 on Wednesday. The stock’s 50-day moving average price is C$38.74 and its two-hundred day moving average price is C$36.49. The company has a current ratio of 1.03, a quick ratio of 0.44 and a debt-to-equity ratio of 135.26. AltaGas has a 12-month low of C$29.67 and a 12-month high of C$40.98. The firm has a market cap of C$11.45 billion, a price-to-earnings ratio of 22.30, a PEG ratio of -4.97 and a beta of 1.23.

AltaGas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 30th will be issued a $0.315 dividend. The ex-dividend date is Monday, June 16th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 3.28%. AltaGas’s dividend payout ratio (DPR) is 68.98%.

Insider Activity at AltaGas

In related news, Director Derek Watson Evans bought 19,239 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The shares were acquired at an average cost of C$38.98 per share, for a total transaction of C$749,936.22. Also, Director Peter James Ledig sold 13,361 shares of the firm’s 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. In the last ninety days, insiders have sold 107,161 shares of company stock worth $4,210,690. 0.58% of the stock is currently owned by company 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.