CIBC Issues Positive Forecast for AltaGas (TSE:ALA) Stock Price

AltaGas (TSE:ALA) had its target price boosted by CIBC from C$47.00 to C$50.00 in a research report sent to investors on Wednesday,BayStreet.CA reports.

Several other brokerages also recently weighed in on ALA. Royal Bank Of Canada increased their price target on shares of AltaGas from C$44.00 to C$48.00 in a report on Friday, October 31st. Scotiabank upped their price objective on shares of AltaGas from C$48.00 to C$50.00 in a report on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of AltaGas from C$45.00 to C$47.00 in a research note on Wednesday, December 3rd. National Bankshares boosted their target price on shares of AltaGas from C$46.00 to C$50.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Jefferies Financial Group upped their price target on shares of AltaGas from C$47.00 to C$48.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$47.44.

AltaGas Stock Performance

Shares of ALA opened at C$41.21 on Wednesday. The company has a debt-to-equity ratio of 135.26, a quick ratio of 0.44 and a current ratio of 1.03. The stock has a 50-day moving average of C$42.31 and a two-hundred day moving average of C$41.17. The stock has a market cap of C$12.82 billion, a P/E ratio of 16.55, a P/E/G ratio of -4.97 and a beta of 0.35. AltaGas has a one year low of C$32.04 and a one year high of C$44.37.

AltaGas (TSE:ALA) last announced its quarterly earnings data on Thursday, October 30th. The company reported C($0.08) earnings per share for the quarter. AltaGas had a net margin of 4.04% and a return on equity of 6.36%. The firm had revenue of C$2.60 billion during the quarter. As a group, research analysts predict that AltaGas will post 2.3006093 EPS for the current year.

AltaGas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, December 16th. AltaGas’s payout ratio is 49.90%.

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.