AltaGas (TSE:ALA) Given New C$54.00 Price Target at Scotiabank

AltaGas (TSE:ALA) had its price objective hoisted by Scotiabank from C$52.00 to C$54.00 in a report released on Monday morning,BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the stock. Canadian Imperial Bank of Commerce increased their price target on shares of AltaGas from C$47.00 to C$50.00 in a report on Wednesday, December 17th. National Bank Financial increased their price target on shares of AltaGas from C$50.00 to C$51.00 and gave the company an “outperform” rating in a report on Monday, March 9th. Jefferies Financial Group increased their price target on shares of AltaGas from C$49.00 to C$53.00 in a report on Monday, March 9th. Royal Bank Of Canada increased their price target on shares of AltaGas from C$48.00 to C$50.00 and gave the company an “outperform” rating in a report on Monday, March 9th. Finally, TD Securities raised their price objective on shares of AltaGas from C$48.00 to C$51.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$50.11.

AltaGas Stock Up 1.1%

ALA opened at C$49.19 on Monday. The firm has a 50-day simple moving average of C$45.87 and a two-hundred day simple moving average of C$43.43. AltaGas has a 52 week low of C$35.33 and a 52 week high of C$49.51. The company has a market capitalization of C$15.31 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of -4.97 and a beta of 0.34. The company has a quick ratio of 0.44, a current ratio of 0.82 and a debt-to-equity ratio of 118.25.

AltaGas (TSE:ALA) last announced its quarterly earnings results on Friday, March 6th. The company reported C$0.77 EPS for the quarter. AltaGas had a net margin of 6.14% and a return on equity of 8.74%. The firm had revenue of C$3.29 billion during the quarter. Analysts forecast that AltaGas will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were paid a $0.334 dividend. The ex-dividend date of this dividend was Monday, March 16th. This is an increase from AltaGas’s previous quarterly dividend of $0.32. This represents a $1.34 annualized dividend and a yield of 2.7%. AltaGas’s payout ratio is 50.81%.

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