AltaGas (TSE:ALA) Price Target Raised to C$44.00 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 price target increased by Royal Bank Of Canada from C$43.00 to C$44.00 in a report released on Tuesday,BayStreet.CA reports. They currently have an outperform rating on the stock.

A number of other brokerages also recently commented on ALA. CIBC increased their price target on AltaGas from C$42.00 to C$43.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. BMO Capital Markets upped their price objective on AltaGas from C$40.00 to C$43.00 in a research note on Friday, May 2nd. Jefferies Financial Group increased their price target on AltaGas from C$40.00 to C$46.00 in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. increased their price target on AltaGas from C$39.00 to C$41.00 in a research report on Monday, April 21st. Finally, Veritas upgraded AltaGas to a "strong sell" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, AltaGas has an average rating of "Moderate Buy" and an average target price of C$44.33.

AltaGas Stock Down 0.1%

Shares of ALA traded down C$0.03 during midday trading on Tuesday, reaching C$41.27. 298,216 shares of the company were exchanged, compared to its average volume of 801,638. The stock has a 50-day moving average price of C$39.41 and a 200-day moving average price of C$38.02. The company has a market cap of C$12.29 billion, a price-to-earnings ratio of 23.92, a P/E/G ratio of -4.97 and a beta of 1.23. AltaGas has a 1-year low of C$32.02 and a 1-year high of C$42.03. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a yield of 3.1%. AltaGas's payout ratio is currently 68.98%.

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.