AltaGas (TSE:ALA) Price Target Raised to C$59.00 at BMO Capital Markets

Key Points

• BMO Capital Markets raised AltaGas’s price target to C$59.00 from C$54.00 and maintained an “outperform” rating, implying about 4.96% upside from the prior close.
• Analyst sentiment remains positive: eight analysts rate AltaGas a Buy, with a consensus rating of “Buy” and an average target price of C$56.56. Recent targets from other firms range as high as C$63.00.
• AltaGas shares rose C$0.38 to C$56.21, near their 52-week high of C$57.52. The company reported quarterly EPS of C$0.31 and revenue of C$3.80 billion.

AltaGas (TSE:ALA - Get Free Report) had its price target hoisted by stock analysts at BMO Capital Markets from C$54.00 to C$59.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. BMO Capital Markets' price target suggests a potential upside of 4.96% from the stock's previous close.

Several other research firms have also recently issued reports on ALA. 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. ATB Cormark Capital Markets upped 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 report on Friday. JPMorgan Chase & Co. raised their target price on shares of AltaGas from C$49.00 to C$52.00 in a research note on Tuesday, April 14th. Royal Bank Of Canada lifted their price target on shares of AltaGas from C$55.00 to C$59.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, Scotiabank boosted their price target on shares of AltaGas from C$57.00 to C$62.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, July 21st. Eight research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of C$56.56.

AltaGas Price Performance

Shares of ALA traded up C$0.38 on Friday, hitting C$56.21. The company's stock had a trading volume of 341,047 shares, compared to its average volume of 991,775. The company has a debt-to-equity ratio of 115.95, a current ratio of 0.88 and a quick ratio of 0.43. The company has a market capitalization of C$17.51 billion, a PE ratio of 34.27, a PEG ratio of -4.97 and a beta of 0.35. The company has a 50 day moving average price of C$54.46 and a 200 day moving average price of C$49.53. AltaGas has a fifty-two week low of C$39.45 and a fifty-two week high of C$57.52.

AltaGas (TSE:ALA - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported C$0.31 EPS for the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%.The company had revenue of C$3.80 billion for the quarter. On average, research analysts anticipate 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.

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