AltaGas (TSE:ALA) Given New C$56.00 Price Target at ATB Cormark Capital Markets

AltaGas (TSE:ALA) had its target price hoisted by investment analysts at ATB Cormark Capital Markets from C$54.00 to C$56.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. ATB Cormark Capital Markets’ price objective indicates a potential upside of 6.99% from the company’s current price.

Several other brokerages also recently weighed in on ALA. National Bank Financial upped their target price on AltaGas from C$50.00 to C$51.00 and gave the stock an “outperform” rating in a research report on Monday, March 9th. Jefferies Financial Group raised their target price on AltaGas from C$49.00 to C$53.00 in a report on Monday, March 9th. TD Securities raised their target price on AltaGas from C$48.00 to C$51.00 and gave the company a “buy” rating in a report on Monday, March 9th. JPMorgan Chase & Co. raised their target price on AltaGas from C$49.00 to C$52.00 in a report on Tuesday, April 14th. Finally, Scotiabank raised their target price on AltaGas from C$52.00 to C$54.00 and gave the company an “outperform” rating in a report on Monday, April 6th. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$52.11.

AltaGas Trading Up 2.8%

Shares of AltaGas stock traded up C$1.43 during trading hours on Friday, reaching C$52.34. The stock had a trading volume of 533,563 shares, compared to its average volume of 1,013,152. The firm has a 50 day simple moving average of C$48.13 and a two-hundred day simple moving average of C$44.23. The firm has a market capitalization of C$16.29 billion, a price-to-earnings ratio of 21.10, a P/E/G ratio of -4.97 and a beta of 0.34. The company has a current ratio of 0.82, a quick ratio of 0.44 and a debt-to-equity ratio of 118.25. AltaGas has a 1 year low of C$37.08 and a 1 year high of C$52.39.

AltaGas (TSE:ALA) last released its quarterly earnings data on Thursday, April 30th. The company reported C$1.33 EPS for the quarter. The company had revenue of C$3.97 billion for the quarter. AltaGas had a return on equity of 8.74% and a net margin of 6.14%. As a group, equities research analysts anticipate that AltaGas will post 2.3006093 earnings per share for the current year.

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.