Altagas Ltd (ALA) Given New C$33.00 Price Target at Royal Bank Of Canada
Altagas Ltd (TSE:ALA) had its target price reduced by Royal Bank Of Canada from C$35.00 to C$33.00 in a research note released on Friday. Royal Bank Of Canada currently has a sector perform rating on the stock.
ALA has been the topic of a number of other reports. Canaccord Genuity reduced their price objective on shares of Altagas from C$33.00 to C$31.00 and set a hold rating on the stock in a research note on Tuesday, July 25th. Scotiabank reiterated an outperform rating and set a C$36.00 price objective on shares of Altagas in a research note on Thursday, April 27th. Finally, Raymond James Financial, Inc. reiterated a market perform rating and set a C$32.00 price objective on shares of Altagas in a research note on Thursday, April 27th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of C$35.11.
Altagas (ALA) opened at 29.02 on Friday. The company’s 50-day moving average is $29.63 and its 200 day moving average is $30.72. The company has a market capitalization of $4.98 billion and a P/E ratio of 44.99. Altagas has a one year low of $28.69 and a one year high of $35.55.
Altagas (TSE:ALA) last released its quarterly earnings results on Thursday, July 27th. The company reported $0.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Altagas had a net margin of 6.19% and a return on equity of 3.57%. The business had revenue of $539 million for the quarter, compared to the consensus estimate of $633.11 million. Analysts predict that Altagas will post $0.92 EPS for the current year.
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The business also recently announced a monthly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be issued a $0.175 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $2.10 dividend on an annualized basis and a dividend yield of 7.24%.
In other news, insider Kent Eugene Stout sold 1,000 shares of the stock in a transaction dated Monday, May 8th. The shares were sold at an average price of C$31.60, for a total value of C$31,600.00.
AltaGas Ltd is a Canada-based energy infrastructure company. The Company operates through three segments: Gas, Power and Utilities. The Gas segment transacts approximately two billion cubic feet per day (Bcf/d) of natural gas and includes natural gas gathering and processing, natural gas liquids extraction and separation, transmission, storage and natural gas marketing, as well as its interest in Petrogas Energy Corp.
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