AltaGas (TSE:ALA) Stock Price Expected to Rise, Scotiabank Analyst Says

AltaGas (TSE:ALA) had its price target increased by stock analysts at Scotiabank from C$57.00 to C$62.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price target points to a potential upside of 13.06% from the company’s current price.

ALA has been the subject of several other reports. National Bank Financial raised their price target on AltaGas from C$52.00 to C$60.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Royal Bank Of Canada raised their price target on AltaGas from C$50.00 to C$55.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. JPMorgan Chase & Co. upped their target price on shares of AltaGas from C$49.00 to C$52.00 in a report on Tuesday, April 14th. Finally, ATB Cormark Capital Markets boosted their price objective on AltaGas from C$54.00 to C$56.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, AltaGas has an average rating of “Buy” and a consensus target price of C$54.88.

AltaGas Trading Down 0.4%

ALA stock traded down C$0.20 during trading on Tuesday, hitting C$54.84. 183,237 shares of the company traded hands, compared to its average volume of 1,001,637. The company has a debt-to-equity ratio of 115.95, a quick ratio of 0.43 and a current ratio of 0.88. AltaGas has a 1 year low of C$39.45 and a 1 year high of C$56.74. The firm has a market capitalization of C$17.09 billion, a PE ratio of 33.44, a P/E/G ratio of -4.97 and a beta of 0.35. The company has a 50-day moving average of C$53.96 and a 200-day moving average of C$48.70.

AltaGas (TSE:ALA) last released its quarterly earnings results on Thursday, April 30th. The company reported C$1.33 EPS for the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%.The business had revenue of C$3.97 billion during the quarter. Analysts predict that AltaGas will post 2.3006093 earnings per share for the current fiscal year.

About AltaGas

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.