AltaGas (TSE:ALA) Price Target Raised to C$61.00

AltaGas (TSE:ALA) had its price objective lifted by National Bank Financial from C$60.00 to C$61.00 in a research report released on Friday,BayStreet reports. The firm currently has an outperform rating on the stock.

Several other analysts have also recently weighed in on the stock. Canadian Imperial Bank of Commerce cut shares of AltaGas from an “outperformer” rating to a “hold” rating and set a C$58.00 target price on the stock. in a report on Thursday, October 22nd. ATB Cormark Capital Markets boosted their target price on shares of AltaGas from C$60.00 to C$63.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Scotia lifted their price objective on AltaGas from C$61.00 to C$63.00 and gave the company a “sector outperform” rating in a research report on Friday. Royal Bank Of Canada increased their price objective on shares of AltaGas from C$55.00 to C$59.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Finally, BMO Capital Markets raised their price objective on shares of AltaGas from C$54.00 to C$59.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, AltaGas has a consensus rating of “Moderate Buy” and an average target price of C$58.10.

AltaGas Price Performance

ALA opened at C$55.52 on Friday. AltaGas has a twelve month low of C$39.45 and a twelve month high of C$58.14. The company has a market capitalization of C$17.32 billion, a price-to-earnings ratio of 28.04, a PEG ratio of -4.97 and a beta of 0.32. The company has a quick ratio of 0.43, a current ratio of 0.85 and a debt-to-equity ratio of 120.38. The firm has a 50-day moving average price of C$53.94 and a 200-day moving average price of C$51.01.

AltaGas (TSE:ALA) last issued its quarterly earnings results on Thursday, October 29th. The company reported C$0.29 earnings per share for the quarter. AltaGas had a return on equity of 6.83% and a net margin of 4.33%. The firm had revenue of C$3.43 billion during the quarter. Equities analysts expect that AltaGas will post 2.30 EPS for the current year.

AltaGas Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were paid a $0.3340 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, September 16th. AltaGas’s payout ratio is 65.56%.

Key AltaGas News

Here are the key news stories impacting AltaGas this week:

• Positive Sentiment: Normalized net income increased: AltaGas reported higher third-quarter normalized net income, indicating improved underlying profitability and providing a positive earnings catalyst. AltaGas Q3 Normalized Net Income Rises
• Positive Sentiment: Management expects a strong full-year finish: AltaGas’ CEO said the company expects full-year results to land near the high end of its guidance range. That signals confidence in operating performance and could support investor expectations for the remainder of the year. AltaGas CEO expects full-year results near high-end of guidance
• Positive Sentiment: Analysts raised their valuation targets: National Bank Financial lifted its target from C$60 to C$61 while maintaining an “outperform” rating. Scotia raised its target from C$61 to C$63 and retained a “sector outperform” rating. The revisions reflect increased confidence in AltaGas’ earnings outlook and imply meaningful potential appreciation from recent trading levels. National Bank Financial AltaGas recommendations Scotia AltaGas recommendations
• Neutral Sentiment: Quarterly results provide additional context: AltaGas reported C$0.29 in quarterly EPS and C$3.43 billion in revenue, with a 4.59% net margin and 7.00% return on equity. Without a stated comparison with analyst estimates, the immediate earnings surprise is unclear. AltaGas quarterly earnings results

AltaGas Company Profile

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.