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

Key Points

• ATB Cormark raised its price target on AltaGas from C$52 to C$54 and kept an "outperform" rating, implying about an 8.39% upside from the prior close.
• Several other brokers also lifted targets, leaving a MarketBeat consensus of "Moderate Buy" with a consensus price target of C$50.89 (seven Buy ratings vs. one Sell).
• AltaGas last traded at C$49.82, near its 52-week high of C$50.27; the company has a market cap of C$15.5B, a P/E of 20.09, and reported C$0.77 EPS on C$3.29B revenue for the quarter.

AltaGas (TSE:ALA - Get Free Report) had its price objective hoisted by research analysts at ATB Cormark Capital Markets from C$52.00 to C$54.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. ATB Cormark Capital Markets' price target would indicate a potential upside of 8.39% from the company's previous close.

A number of other brokerages also recently issued reports on ALA. Scotiabank raised their target price on AltaGas from C$52.00 to C$54.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. TD Securities raised their target price on AltaGas from C$48.00 to C$51.00 and gave the stock a "buy" rating in a research note on Monday, March 9th. National Bank Financial raised their target price on AltaGas from C$50.00 to C$51.00 and gave the stock an "outperform" rating in a research note on Monday, March 9th. JPMorgan Chase & Co. raised their target price on AltaGas from C$49.00 to C$52.00 in a research note on Tuesday, April 14th. Finally, Jefferies Financial Group raised their target price on AltaGas from C$49.00 to C$53.00 in a research note on Monday, March 9th. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of C$50.89.

AltaGas Price Performance

ALA traded up C$1.61 on Thursday, hitting C$49.82. 235,058 shares of the company's stock were exchanged, compared to its average volume of 1,006,737. AltaGas has a fifty-two week low of C$37.08 and a fifty-two week high of C$50.27. The company has a current ratio of 0.82, a quick ratio of 0.44 and a debt-to-equity ratio of 118.25. The firm has a 50-day moving average price of C$47.48 and a 200-day moving average price of C$43.92. The stock has a market cap of C$15.50 billion, a price-to-earnings ratio of 20.09, a P/E/G ratio of -4.97 and a beta of 0.34.

AltaGas (TSE:ALA - Get Free Report) last announced its earnings results on Friday, March 6th. The company reported C$0.77 earnings per share (EPS) for the quarter. AltaGas had a net margin of 6.14% and a return on equity of 8.74%. The company had revenue of C$3.29 billion for the quarter. As a group, equities analysts anticipate that AltaGas will post 2.3006093 earnings per share for the current year.

AltaGas Company Profile

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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