CIBC Raises AltaGas (TSE:ALA) Price Target to C$46.00

Key Points

• CIBC has raised its price target for AltaGas (TSE: ALA) from C$44.00 to C$46.00, indicating a potential upside of 8.82% from its previous closing price.
• Other analysts, including Scotiabank and Royal Bank of Canada, have also increased their price targets, with Scotiabank now at C$48.00, maintaining an "outperform" rating across multiple reports.
• AltaGas currently has a market capitalization of C$12.65 billion, with a stock price recently at C$42.27, below its 52-week high of C$43.81.

AltaGas (TSE:ALA - Get Free Report) had its price target raised by analysts at CIBC from C$44.00 to C$46.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the stock. CIBC's price objective suggests a potential upside of 8.82% from the company's previous close.

ALA has been the topic of a number of other research reports. Scotiabank upped their target price on AltaGas from C$46.00 to C$48.00 and gave the company an "outperform" rating in a research note on Monday. Royal Bank Of Canada boosted their price target on AltaGas from C$43.00 to C$44.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. National Bankshares boosted their price target on AltaGas from C$44.00 to C$45.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. ATB Capital upped their target price on AltaGas from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Finally, Jefferies Financial Group increased their price objective on AltaGas from C$40.00 to C$46.00 in a report on Wednesday, July 23rd. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of C$44.89.

AltaGas Stock Performance

TSE ALA traded down C$0.41 on Thursday, hitting C$42.27. 221,529 shares of the company traded hands, compared to its average volume of 803,957. The business's 50 day moving average price is C$41.79 and its 200-day moving average price is C$39.88. AltaGas has a 52-week low of C$32.02 and a 52-week high of C$43.81. The company has a market capitalization of C$12.65 billion, a price-to-earnings ratio of 16.26, a P/E/G ratio of -4.97 and a beta of 0.13. The company has a current ratio of 1.03, a quick ratio of 0.44 and a debt-to-equity ratio of 135.26.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.