ATB Capital Forecasts Strong Price Appreciation for AltaGas (TSE:ALA) Stock

Key Points

• ATB Capital raised the price target for AltaGas (TSE: ALA) from C$42.00 to C$43.00, indicating a potential upside of 4.95% from the company’s previous close.
• Other firms have also increased their price targets for AltaGas, with National Bankshares and JPMorgan Chase adjusting theirs to C$44.00 and C$41.00 respectively, while Jefferies Financial Group set a target of C$46.00.
• AltaGas's stock is currently rated as a "Moderate Buy" with an average target price of C$44.33 based on analyst ratings.

AltaGas (TSE:ALA - Get Free Report) had its price target upped by ATB Capital from C$42.00 to C$43.00 in a research note issued on Tuesday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. ATB Capital's price objective indicates a potential upside of 4.19% from the stock's current price.

ALA has been the subject of several other reports. National Bankshares lifted their price objective on AltaGas from C$41.00 to C$44.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Veritas raised AltaGas to a "strong sell" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. boosted their price target on AltaGas from C$39.00 to C$41.00 in a report on Monday, April 21st. Royal Bank Of Canada boosted their price target on AltaGas from C$40.00 to C$43.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Finally, BMO Capital Markets boosted their price target on AltaGas from C$40.00 to C$43.00 in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of C$44.33.

AltaGas Price Performance

ALA stock traded down C$0.03 during midday trading on Tuesday, hitting C$41.27. 298,216 shares of the stock were exchanged, compared to its average volume of 801,638. The stock's 50-day moving average price is C$39.41 and its 200-day moving average price is C$38.02. The stock has a market cap of C$12.29 billion, a price-to-earnings ratio of 23.92, a PEG ratio of -4.97 and a beta of 1.23. AltaGas has a fifty-two week low of C$32.02 and a fifty-two week high of C$42.03. The company has a debt-to-equity ratio of 135.26, a quick ratio of 0.44 and a current ratio of 1.03.

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.