JPMorgan Chase & Co. Issues Positive Forecast for AltaGas (TSE:ALA) Stock Price

Key Points

• JPMorgan Chase raised its price target on AltaGas from C$49.00 to C$52.00, implying roughly a 9.08% upside from the stock's current level.
• Multiple other firms also lifted targets (Jefferies to C$53, TD to C$51, RBC to C$50), leaving a consensus rating of "Moderate Buy" with an average price target of C$50.67.
• AltaGas shares traded at C$47.67 mid-day (1‑year range C$37.08–C$50.27), with a market cap of C$14.83B, a trailing P/E of 19.22, and last quarter results of C$0.77 EPS on C$3.29B revenue.

AltaGas (TSE:ALA - Get Free Report) had its price objective raised by JPMorgan Chase & Co. from C$49.00 to C$52.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. JPMorgan Chase & Co.'s price objective points to a potential upside of 9.08% from the stock's current price.

A number of other research analysts have also issued reports on ALA. TD Securities boosted their price target on shares of AltaGas from C$48.00 to C$51.00 and gave the stock a "buy" rating in a research note on Monday, March 9th. ATB Cormark Capital Markets boosted their price target on shares of AltaGas from C$49.00 to C$52.00 and gave the stock an "outperform" rating in a research note on Monday, March 9th. Canadian Imperial Bank of Commerce increased their price objective on AltaGas from C$47.00 to C$50.00 in a research report on Wednesday, December 17th. Royal Bank Of Canada increased their price objective on AltaGas from C$48.00 to C$50.00 and gave the stock an "outperform" rating in a research report on Monday, March 9th. Finally, Jefferies Financial Group increased their price objective on AltaGas from C$49.00 to C$53.00 in a research report on Monday, March 9th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of C$50.67.

AltaGas Stock Performance

Shares of TSE ALA traded down C$0.87 during mid-day trading on Tuesday, hitting C$47.67. 306,006 shares of the company were exchanged, compared to its average volume of 1,009,558. AltaGas has a 1-year low of C$37.08 and a 1-year high of C$50.27. The company has a quick ratio of 0.44, a current ratio of 0.82 and a debt-to-equity ratio of 118.25. The stock has a 50 day simple moving average of C$46.60 and a 200-day simple moving average of C$43.64. The firm has a market cap of C$14.83 billion, a price-to-earnings ratio of 19.22, a price-to-earnings-growth ratio of -4.97 and a beta of 0.34.

AltaGas (TSE:ALA - Get Free Report) last issued its quarterly 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 business had revenue of C$3.29 billion for the quarter. On average, sell-side analysts forecast that AltaGas will post 2.3006093 EPS 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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