AltaGas (TSE:ALA) Price Target Raised to C$62.00 at Scotiabank

Key Points

• Scotiabank raised AltaGas’s price target to C$62.00 from C$57.00 and maintained a sector outperform rating, implying about 13% upside from the current share price.
• Several other analysts have also turned more positive on the stock recently, with multiple firms lifting targets and issuing Buy/Outperform ratings; the consensus target is now C$54.88.
• AltaGas shares were slightly lower in Tuesday trading at C$54.84, while the company reported quarterly EPS of C$1.33 on revenue of C$3.97 billion.

AltaGas (TSE:ALA - Get Free Report) had its target price raised by equities researchers at Scotiabank from C$57.00 to C$62.00 in a research report issued on Tuesday,BayStreet.CA reports. The firm currently has a "sector outperform" rating on the stock. Scotiabank's price objective suggests a potential upside of 13.06% from the stock's current price.

Other equities research analysts have also recently issued reports about the company. ATB Cormark Capital Markets boosted their price target 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. JPMorgan Chase & Co. increased their price objective on shares of AltaGas from C$49.00 to C$52.00 in a research note on Tuesday, April 14th. Royal Bank Of Canada upped their price objective on AltaGas from C$50.00 to C$55.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Finally, National Bank Financial raised their target price on AltaGas from C$52.00 to C$60.00 and gave the stock an "outperform" rating in a research report on Monday, June 1st. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, AltaGas currently has an average rating of "Buy" and a consensus target price of C$54.88.

AltaGas Stock Down 0.4%

Shares of TSE:ALA traded down C$0.20 during mid-day trading on Tuesday, reaching C$54.84. 183,237 shares of the stock were exchanged, compared to its average volume of 1,001,637. The company has a quick ratio of 0.43, a current ratio of 0.88 and a debt-to-equity ratio of 115.95. AltaGas has a one year low of C$39.45 and a one year high of C$56.74. The company has a market cap of C$17.09 billion, a P/E ratio of 33.44, a P/E/G ratio of -4.97 and a beta of 0.35. The stock's 50 day simple moving average is C$53.96 and its 200-day simple moving average is C$48.70.

AltaGas (TSE:ALA - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported C$1.33 EPS for the quarter. The company had revenue of C$3.97 billion during the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%. As a group, equities research analysts predict that AltaGas will post 2.3006093 EPS 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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