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

AltaGas (TSE:ALA) had its price target upped by Scotiabank from C$50.00 to C$52.00 in a report released on Monday morning,BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

Several other research firms have also recently weighed in on ALA. Jefferies Financial Group boosted their target price on shares of AltaGas from C$49.00 to C$53.00 in a research note on Monday. JPMorgan Chase & Co. raised their target price on AltaGas from C$45.00 to C$47.00 in a research report on Wednesday, December 3rd. ATB Cormark Capital Markets lifted their price target on AltaGas from C$48.00 to C$49.00 and gave the company an “outperform” rating in a report on Tuesday, December 23rd. Canadian Imperial Bank of Commerce upped their price target on AltaGas from C$47.00 to C$50.00 in a research report on Wednesday, December 17th. Finally, National Bank Financial increased their price objective on AltaGas from C$46.00 to C$50.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$49.89.

AltaGas Stock Performance

AltaGas stock opened at C$47.78 on Monday. The firm’s 50 day simple moving average is C$43.07 and its 200-day simple moving average is C$42.47. The company has a market cap of C$14.86 billion, a P/E ratio of 19.19, a price-to-earnings-growth ratio of -4.97 and a beta of 0.49. The company has a debt-to-equity ratio of 126.46, a current ratio of 0.88 and a quick ratio of 0.44. AltaGas has a fifty-two week low of C$35.33 and a fifty-two week high of C$48.32.

AltaGas (TSE:ALA) last released its quarterly earnings results on Friday, March 6th. The company reported C$0.77 earnings per share (EPS) for the quarter. The business had revenue of C$3.29 billion for the quarter. AltaGas had a net margin of 6.15% and a return on equity of 8.78%. As a group, equities research analysts predict that AltaGas will post 2.3006093 EPS for the current year.

AltaGas Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were paid a $0.315 dividend. The ex-dividend date of this dividend was Tuesday, December 16th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.6%. AltaGas’s dividend payout ratio is 49.90%.

Key Headlines Impacting AltaGas

Here are the key news stories impacting AltaGas this week:

• Positive Sentiment: Royal Bank of Canada raised its price target to C$50 and kept an “outperform” rating, signaling confidence in AltaGas’s outlook. BayStreet.CA
• Positive Sentiment: National Bank Financial boosted its target to C$51 and maintained an “outperform” call, adding further upward pressure. BayStreet.CA
• Positive Sentiment: TD Securities raised its target to C$51 and kept a “buy” rating, reinforcing consensus bullishness among Canadian brokers. BayStreet.CA
• Positive Sentiment: ATB Cormark Capital Markets lifted its target to C$52 with an “outperform” rating, one of the higher raises in this wave. BayStreet.CA TickerReport
• Positive Sentiment: Scotiabank increased its target to C$52 and maintained an “outperform” view, contributing to the broad-based analyst support. BayStreet.CA
• Positive Sentiment: Jefferies raised its target to C$53, the highest among the recent updates, suggesting roughly double-digit upside vs. recent levels. BayStreet.CA
• Neutral Sentiment: Media coverage noted AltaGas’s recent quarterly profit increase, which underpins the analyst optimism but is already reflected in prior earnings releases. MSN: Market open

AltaGas Company Profile

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. Natural gas is sold and purchased for both commercial and industrial users.