AltaGas (TSE:ALA) Given New C$63.00 Price Target at Scotia

Key Points

• Scotia raised AltaGas’s price target to C$63.00 from C$61.00 while maintaining a “sector outperform” rating, implying 13.49% upside from the previous close.
• Analyst sentiment remains positive, with seven Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and an average target of C$58.10.
• AltaGas shares fell 1.3% to C$55.51, while the company recently reported quarterly earnings of C$0.29 per share on C$3.43 billion in revenue.

AltaGas (TSE:ALA - Get Free Report) had its price target raised by analysts at Scotia from C$61.00 to C$63.00 in a report released on Friday, BayStreet reports. The brokerage presently has a "sector outperform" rating on the stock. Scotia's price objective points to a potential upside of 13.49% from the company's previous close.

Other equities analysts have also issued research reports about the company. BMO Capital Markets increased their target price on AltaGas from C$54.00 to C$59.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. ATB Cormark Capital Markets increased their price target on shares of AltaGas from C$60.00 to C$63.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Scotiabank lifted their price objective on shares of AltaGas from C$57.00 to C$62.00 and gave the company a "sector outperform" rating in a report on Tuesday, July 21st. Royal Bank Of Canada increased their target price on shares of AltaGas from C$55.00 to C$59.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Finally, Canadian Imperial Bank of Commerce cut shares of AltaGas from an "outperformer" rating to a "hold" rating and set a C$58.00 price target for the company. in a research report on Thursday, October 22nd. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of C$58.10.

AltaGas Trading Down 1.3%

ALA traded down C$0.71 on Friday, hitting C$55.51. The company had a trading volume of 407,940 shares, compared to its average volume of 955,582. The company's fifty day moving average price is C$53.91 and its 200 day moving average price is C$50.94. AltaGas has a 1 year low of C$39.45 and a 1 year high of C$58.14. The company has a current ratio of 0.86, a quick ratio of 0.43 and a debt-to-equity ratio of 112.99. The firm has a market cap of C$17.32 billion, a P/E ratio of 28.04, a PEG ratio of -4.97 and a beta of 0.32.

AltaGas (TSE:ALA - Get Free Report) last announced its earnings results on Thursday, October 29th. The company reported C$0.29 earnings per share for the quarter. The company had revenue of C$3.43 billion during the quarter. AltaGas had a net margin of 4.59% and a return on equity of 7.00%. As a group, equities analysts expect that AltaGas will post 2.30 earnings per share for the current year.

About AltaGas

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.

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