AltaGas (TSE:ALA) Price Target Raised to C$55.00

Key Points

• Royal Bank of Canada raised its target on AltaGas from C$50.00 to C$55.00 with an "outperform" rating, and several other brokers have also bumped targets, leaving a consensus target of C$52.11 and mostly Buy/Moderate Buy ratings.
• AltaGas shares traded up 2.8% to C$52.34 (near its 12‑month high of C$52.39) on Friday; the company has a market cap of C$16.29B, a P/E of 21.10, a debt‑to‑equity ratio of ~118, and reported Q earnings of C$1.33 on C$3.97B revenue.

AltaGas (TSE:ALA - Get Free Report) had its target price lifted by investment analysts at Royal Bank Of Canada from C$50.00 to C$55.00 in a research note issued to investors on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 5.08% from the company's previous close.

A number of other analysts have also commented on the company. Jefferies Financial Group boosted their target price on AltaGas from C$49.00 to C$53.00 in a research report on Monday, March 9th. Scotiabank boosted their target price on AltaGas from C$52.00 to C$54.00 and gave the company an "outperform" rating in a research report on Monday, April 6th. ATB Cormark Capital Markets boosted their target price on AltaGas from C$54.00 to C$56.00 and gave the company an "outperform" rating in a research report on Friday. National Bank Financial boosted their price target 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. Finally, TD Securities boosted their price target on shares of AltaGas from C$48.00 to C$51.00 and gave the company a "buy" rating in a research note 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.com, AltaGas has an average rating of "Moderate Buy" and a consensus target price of C$52.11.

AltaGas Trading Up 2.8%

AltaGas stock traded up C$1.43 during trading hours on Friday, reaching C$52.34. 533,563 shares of the company's stock were exchanged, compared to its average volume of 1,013,152. The company has a quick ratio of 0.44, a current ratio of 0.82 and a debt-to-equity ratio of 118.25. The firm's 50 day simple moving average is C$48.13 and its 200 day simple moving average is C$44.23. AltaGas has a twelve month low of C$37.08 and a twelve month high of C$52.39. The firm has a market capitalization of C$16.29 billion, a PE ratio of 21.10, a PEG ratio of -4.97 and a beta of 0.34.

AltaGas (TSE:ALA - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share for the quarter. AltaGas had a return on equity of 8.74% and a net margin of 6.14%.The firm had revenue of C$3.97 billion during the quarter. Research analysts predict that AltaGas will post 2.3006093 earnings per share for the current 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.

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