Scotiabank Increases AltaGas (TSE:ALA) Price Target to C$54.00

AltaGas (TSE:ALA) had its price target hoisted by research analysts at Scotiabank from C$52.00 to C$54.00 in a note issued to investors on Monday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Scotiabank’s price target would suggest a potential upside of 9.85% from the stock’s previous close.

Several other brokerages also recently issued reports on ALA. Jefferies Financial Group increased their price objective on shares of AltaGas from C$49.00 to C$53.00 in a research report on Monday, March 9th. National Bank Financial upped their target price on shares of AltaGas from C$50.00 to C$51.00 and gave the company an “outperform” rating in a research note on Monday, March 9th. ATB Cormark Capital Markets raised their price target on shares of AltaGas from C$49.00 to C$52.00 and gave the company an “outperform” rating in a report on Monday, March 9th. Canadian Imperial Bank of Commerce lifted their price target on shares of AltaGas from C$47.00 to C$50.00 in a research note on Wednesday, December 17th. Finally, TD Securities boosted their price objective on shares of AltaGas from C$48.00 to C$51.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of C$50.11.

AltaGas Stock Up 1.0%

TSE:ALA traded up C$0.49 during mid-day trading on Monday, hitting C$49.16. The company had a trading volume of 318,719 shares, compared to its average volume of 1,016,197. The business has a fifty day simple moving average of C$45.71 and a 200-day simple moving average of C$43.38. The firm has a market capitalization of C$15.30 billion, a price-to-earnings ratio of 19.82, a PEG ratio of -4.97 and a beta of 0.34. AltaGas has a 1 year low of C$35.33 and a 1 year high of C$49.51. 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 (TSE:ALA) last issued its earnings results on Friday, March 6th. The company reported C$0.77 earnings per share for the quarter. The company had revenue of C$3.29 billion during the quarter. AltaGas had a return on equity of 8.74% and a net margin of 6.14%. Equities analysts forecast that AltaGas will post 2.3006093 earnings per share for the current fiscal 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.