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

AltaGas (TSE:ALA) had its price target lifted by Scotiabank from C$57.00 to C$62.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage currently has a sector outperform rating on the stock.

Other research analysts have also issued reports about the stock. Royal Bank Of Canada raised their price objective on shares of AltaGas from C$50.00 to C$55.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. JPMorgan Chase & Co. upped their target price on shares of AltaGas from C$49.00 to C$52.00 in a research note on Tuesday, April 14th. ATB Cormark Capital Markets increased their price target on shares of AltaGas from C$54.00 to C$56.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Finally, National Bank Financial lifted their price target on AltaGas from C$52.00 to C$60.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Seven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, AltaGas has a consensus rating of “Buy” and a consensus target price of C$54.88.

AltaGas Stock Down 0.1%

ALA stock opened at C$54.96 on Tuesday. AltaGas has a twelve month low of C$39.45 and a twelve month high of C$56.74. The company has a current ratio of 0.88, a quick ratio of 0.43 and a debt-to-equity ratio of 115.95. The company has a market capitalization of C$17.12 billion, a P/E ratio of 33.51, a PEG ratio of -4.97 and a beta of 0.35. The firm has a 50 day simple moving average of C$54.02 and a 200-day simple moving average of C$48.79.

AltaGas (TSE:ALA) last issued its quarterly earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share (EPS) for the quarter. The business had revenue of C$3.97 billion during the quarter. AltaGas had a net margin of 4.02% and a return on equity of 5.92%. On average, equities research analysts predict that AltaGas will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were issued a $0.334 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.34 dividend on an annualized basis and a yield of 2.4%. AltaGas’s dividend payout ratio (DPR) is currently 77.99%.

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.