Royal Bank Of Canada Forecasts Strong Price Appreciation for AltaGas (TSE:ALA) Stock

Key Points

• Royal Bank of Canada raised its target on AltaGas from C$48 to C$50 and maintained an "outperform" rating, implying a potential upside of 5.40% from the current price.
• Multiple brokerages also lifted targets (up to C$53) and the consensus target is C$49.89, with seven analysts rating the stock Buy and one Sell (average: "Moderate Buy").
• Shares traded at C$47.44 on heavy volume; AltaGas has a market cap of C$14.76B, P/E of 19.05, a high debt-to-equity ratio of 126.46, and reported quarterly EPS of C$0.77.

AltaGas (TSE:ALA - Get Free Report) had its target price boosted by stock analysts at Royal Bank Of Canada from C$48.00 to C$50.00 in a research note issued to investors on Monday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 5.40% from the stock's current price.

Several other brokerages have also recently weighed in on ALA. National Bank Financial lifted their price objective on shares of AltaGas from C$50.00 to C$51.00 and gave the stock an "outperform" rating in a research note on Monday. Scotiabank upped their target price on AltaGas from C$50.00 to C$52.00 and gave the company an "outperform" rating in a research report on Monday. TD Securities increased their target price on AltaGas from C$48.00 to C$51.00 and gave the stock a "buy" rating in a report on Monday. Canadian Imperial Bank of Commerce raised their price target on AltaGas from C$47.00 to C$50.00 in a research report on Wednesday, December 17th. Finally, Jefferies Financial Group upped their price objective on shares of AltaGas from C$49.00 to C$53.00 in a research report on Monday. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, AltaGas has an average rating of "Moderate Buy" and a consensus target price of C$49.89.

AltaGas Stock Performance

TSE ALA traded up C$1.16 on Monday, reaching C$47.44. The stock had a trading volume of 4,602,333 shares, compared to its average volume of 879,069. The company has a debt-to-equity ratio of 126.46, a current ratio of 0.88 and a quick ratio of 0.44. The company has a market cap of C$14.76 billion, a P/E ratio of 19.05, a price-to-earnings-growth ratio of -4.97 and a beta of 0.49. The firm has a fifty day moving average of C$42.96 and a two-hundred day moving average of C$42.43. AltaGas has a 1-year low of C$35.33 and a 1-year high of C$48.32.

AltaGas (TSE:ALA - Get Free Report) last posted its earnings results on Friday, March 6th. The company reported C$0.77 earnings per share for the quarter. The company had revenue of C$3.29 billion during the quarter. AltaGas had a return on equity of 8.78% and a net margin of 6.15%. On average, equities research analysts anticipate that AltaGas will post 2.3006093 EPS for the current 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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