AltaGas (TSE:ALA) Given New C$40.00 Price Target at Scotiabank

AltaGas (TSE:ALA) had its price objective raised by stock analysts at Scotiabank from C$39.00 to C$40.00 in a research report issued on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 13.31% from the company’s current price.

Several other equities research analysts have also weighed in on ALA. JPMorgan Chase & Co. lowered AltaGas from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from C$36.00 to C$37.00 in a report on Wednesday, October 23rd. CIBC boosted their price target on shares of AltaGas from C$40.00 to C$42.00 and gave the company an “outperform” rating in a research report on Thursday, January 9th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, AltaGas currently has an average rating of “Moderate Buy” and an average target price of C$38.40.

AltaGas Stock Up 2.1 %

Shares of ALA traded up C$0.71 during trading hours on Thursday, reaching C$35.30. 277,909 shares of the stock traded hands, compared to its average volume of 682,369. AltaGas has a 52 week low of C$26.97 and a 52 week high of C$35.77. The company has a market cap of C$10.51 billion, a price-to-earnings ratio of 20.46, a PEG ratio of -4.97 and a beta of 1.23. The stock has a fifty day simple moving average of C$33.78 and a 200 day simple moving average of C$33.69. The company has a current ratio of 1.03, a quick ratio of 0.44 and a debt-to-equity ratio of 135.26.

Insider Activity at AltaGas

In other news, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was purchased at an average cost of C$32.97 per share, with a total value of C$250,549.20. Also, Senior Officer Donald Mark Jenkins sold 12,352 shares of the business’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of C$33.90, for a total transaction of C$418,732.80. 0.58% of the stock is owned by insiders.

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.