Canadian Imperial Bank of Commerce Issues Positive Forecast for ATCO (TSE:ACO.X) Stock Price

ATCO (TSE:ACO.X) had its price target hoisted by analysts at Canadian Imperial Bank of Commerce from C$85.00 to C$88.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce’s target price would indicate a potential upside of 8.78% from the stock’s previous close.

A number of other brokerages have also commented on ACO.X. Scotia increased their price target on ATCO from C$67.00 to C$70.00 and gave the company a “sector perform” rating in a research note on Thursday, May 7th. National Bank Financial upped their price objective on ATCO from C$62.00 to C$69.00 and gave the stock a “sector perform” rating in a report on Monday, June 1st. Royal Bank Of Canada increased their target price on ATCO from C$66.00 to C$71.00 and gave the company a “sector perform” rating in a research report on Thursday, May 7th. Finally, Scotiabank raised their target price on shares of ATCO from C$70.00 to C$79.00 and gave the company a “sector perform” rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, ATCO presently has a consensus rating of “Hold” and a consensus price target of C$76.86.

ATCO Price Performance

Shares of ACO.X traded up C$2.59 during midday trading on Thursday, hitting C$80.90. 130,572 shares of the company traded hands, compared to its average volume of 275,116. The firm has a 50 day moving average of C$73.48 and a 200-day moving average of C$67.88. ATCO has a 52 week low of C$47.52 and a 52 week high of C$81.07. The stock has a market cap of C$8.17 billion, a price-to-earnings ratio of 58.20, a PEG ratio of 3.80 and a beta of 0.35. The company has a debt-to-equity ratio of 131.63, a quick ratio of 1.48 and a current ratio of 1.42.

ATCO (TSE:ACO.X) last issued its quarterly earnings data on Wednesday, July 29th. The company reported C$1.01 earnings per share for the quarter. ATCO had a return on equity of 8.54% and a net margin of 8.16%. On average, analysts forecast that ATCO will post 4.1980634 EPS for the current fiscal year.

About ATCO

Atco Ltd is a Canadian holding company that offers gas, electric, and infrastructure solutions. The largest subsidiary of the company is Canadian utilities, which operates natural gas, electricity, and logistical services. Atco’s primary segments include Structures and Logistics; Utilities; Energy Infrastructure; Neltume Ports and Corporate and Other. It generates maximum revenue from the Utilities segment. Geographically, it derives most of its revenue from Canada.