AltaGas (TSE:ALA) Given New C$44.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has raised its price target for AltaGas (TSE:ALA) stock from C$43.00 to C$44.00, suggesting a potential upside of 7.40% from the current price.
• A majority of analysts maintain a positive outlook on AltaGas, with seven buy ratings, one hold, and one sell rating, leading to an average rating of "Moderate Buy."
• AltaGas shares recently traded at C$40.97, having a market cap of C$12.20 billion, and range from a one-year low of C$31.67 to a high of C$42.03.

AltaGas (TSE:ALA - Free Report) had its target price lifted by Royal Bank Of Canada from C$43.00 to C$44.00 in a research note issued to investors on Tuesday morning,BayStreet.CA reports. The firm currently has an outperform rating on the stock.

Several other equities analysts also recently commented on the stock. Jefferies Financial Group upped their price target on shares of AltaGas from C$40.00 to C$46.00 in a report on Wednesday, July 23rd. Veritas raised AltaGas to a "strong sell" rating in a research note on Friday, May 2nd. BMO Capital Markets increased their target price on AltaGas from C$40.00 to C$43.00 in a research note on Friday, May 2nd. ATB Capital raised their price target on shares of AltaGas from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Scotiabank upped their target price on shares of AltaGas from C$45.00 to C$46.00 and gave the stock an "outperform" rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of C$44.33.

AltaGas Trading Down 0.1%

Shares of AltaGas stock traded down C$0.04 on Tuesday, reaching C$41.12. The company had a trading volume of 152,329 shares, compared to its average volume of 802,758. The firm has a market cap of C$12.24 billion, a price-to-earnings ratio of 23.83, a P/E/G ratio of -4.97 and a beta of 1.23. The firm's 50-day moving average price is C$39.30 and its two-hundred day moving average price is C$37.90. AltaGas has a 1 year low of C$32.02 and a 1 year high of C$42.03. The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44.

AltaGas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a dividend yield of 3.1%. AltaGas's dividend payout ratio (DPR) is presently 68.98%.

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.