AltaGas (TSE:ALA) Given New C$37.00 Price Target at Royal Bank of Canada

AltaGas (TSE:ALA) had its price objective increased by Royal Bank of Canada from C$34.00 to C$37.00 in a research note issued to investors on Friday morning, BayStreet.CA reports. The firm currently has an outperform rating on the stock.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of AltaGas from C$33.00 to C$36.00 in a research note on Friday, July 19th. National Bankshares increased their price objective on shares of AltaGas from C$35.00 to C$36.00 and gave the stock an outperform rating in a research note on Friday. ATB Capital increased their price objective on shares of AltaGas from C$35.00 to C$36.00 and gave the stock an outperform rating in a research note on Thursday, May 30th. Raymond James increased their price objective on shares of AltaGas from C$34.00 to C$35.00 and gave the stock an outperform rating in a research note on Friday, May 31st. Finally, CIBC increased their price objective on shares of AltaGas from C$38.00 to C$40.00 in a research note on Monday, July 15th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, AltaGas has an average rating of Buy and an average target price of C$36.60.

AltaGas Stock Performance

The firm has a market cap of C$9.76 billion, a price-to-earnings ratio of 16.03, a PEG ratio of -4.97 and a beta of 1.22. The firm has a 50-day moving average of C$31.07 and a 200-day moving average of C$29.82. The company has a current ratio of 1.01, a quick ratio of 0.44 and a debt-to-equity ratio of 117.56. AltaGas has a 12 month low of C$24.67 and a 12 month high of C$33.94.

AltaGas (TSE:ALA) last released its quarterly earnings data on Thursday, May 2nd. The company reported C$1.14 earnings per share for the quarter, topping the consensus estimate of C$1.05 by C$0.09. The firm had revenue of C$3.66 billion for the quarter, compared to analyst estimates of C$4.13 billion. AltaGas had a net margin of 5.03% and a return on equity of 7.93%. On average, equities analysts predict that AltaGas will post 2.1388695 earnings per share for the current year.

AltaGas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 16th will be issued a $0.298 dividend. This represents a $1.19 annualized dividend and a dividend yield of ∞. The ex-dividend date is Monday, September 16th. AltaGas’s dividend payout ratio (DPR) is presently 57.77%.

Insider Activity

In other news, Senior Officer James Harbilas sold 100,000 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of C$30.45, for a total value of C$3,045,000.00. In related news, Senior Officer James Harbilas sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of C$30.45, for a total transaction of C$3,045,000.00. Also, Director Angela S. Lekatsas bought 2,000 shares of AltaGas stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average price of C$30.58 per share, with a total value of C$61,160.00. Over the last three months, insiders purchased 20,500 shares of company stock worth $627,795 and sold 172,750 shares worth $5,257,062. Insiders own 0.57% of the company’s stock.

AltaGas Company Profile

AltaGas Ltd. operates as an energy infrastructure company in North America. The company operates through Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.6 million customers.