ATB Cormark Capital Markets Boosts AltaGas (TSE:ALA) Price Target to C$63.00

Key Points

• ATB Cormark raised AltaGas’s price target from C$60.00 to C$63.00 and maintained an “outperform” rating, implying 12.08% upside from the previous close.
• Other analysts also increased their targets, and AltaGas currently has a consensus “Buy” rating with an average price target of C$56.56.
• AltaGas shares closed at C$56.21, near their 52-week high of C$57.52; the company recently reported quarterly EPS of C$0.31 on revenue of C$3.80 billion.

AltaGas (TSE:ALA - Get Free Report) had its price target upped by ATB Cormark Capital Markets from C$60.00 to C$63.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. ATB Cormark Capital Markets' target price suggests a potential upside of 12.08% from the stock's previous close.

Several other equities analysts also recently issued reports on the stock. Royal Bank Of Canada increased their price objective on shares of AltaGas from C$55.00 to C$59.00 and gave the company an "outperform" rating in a report on Friday. National Bank Financial boosted their target price on shares of AltaGas from C$52.00 to C$60.00 and gave the stock an "outperform" rating in a research note on Monday, June 1st. Scotiabank upped 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 report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. raised their target price on AltaGas from C$49.00 to C$52.00 in a research report on Tuesday, April 14th. Eight equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of C$56.56.

AltaGas Price Performance

Shares of AltaGas stock 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 quick ratio of 0.43 and a current ratio of 0.88. AltaGas has a 1 year low of C$39.45 and a 1 year high of C$57.52. The firm has a fifty day moving average price of C$54.46 and a 200-day moving average price of C$49.53. The company has a market capitalization of C$17.51 billion, a price-to-earnings ratio of 34.27, a price-to-earnings-growth ratio of -4.97 and a beta of 0.35.

AltaGas (TSE:ALA - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported C$0.31 earnings per share for the quarter. The company had revenue of C$3.80 billion during the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%. As a group, sell-side 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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