Royal Bank Of Canada Issues Positive Forecast for AltaGas (TSE:ALA) Stock Price

Key Points

• Royal Bank of Canada raised AltaGas’s price target to C$59 from C$55 while maintaining an “outperform” rating, implying roughly 4.96% upside.
• Analyst sentiment remains positive: eight analysts rate the stock a Buy, with a consensus rating of “Buy” and an average target price of C$56.56.
• AltaGas shares rose 0.7% to C$56.21, near their 12-month high of C$57.52. The company reported quarterly revenue of C$3.80 billion and earnings of C$0.31 per share.

AltaGas (TSE:ALA - Get Free Report) had its price objective hoisted by Royal Bank Of Canada from C$55.00 to C$59.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective suggests a potential upside of 4.96% from the stock's current price.

Several other analysts have also issued reports on the company. JPMorgan Chase & Co. increased their price objective on AltaGas from C$49.00 to C$52.00 in a report on Tuesday, April 14th. Scotiabank lifted their price target on AltaGas from C$57.00 to C$62.00 and gave the company a "sector outperform" rating in a report on Tuesday, July 21st. ATB Cormark Capital Markets lifted their price target on AltaGas from C$54.00 to C$56.00 and gave the company an "outperform" rating in a report on Friday, May 1st. Finally, National Bank Financial boosted their price target on AltaGas from C$52.00 to C$60.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. Eight research analysts have rated the stock with a Buy rating, According to MarketBeat, AltaGas currently has a consensus rating of "Buy" and an average target price of C$56.56.

AltaGas Stock Up 0.7%

TSE:ALA traded up C$0.38 during trading hours on Friday, hitting C$56.21. 341,047 shares of the company's stock traded hands, compared to its average volume of 991,775. AltaGas has a twelve month low of C$39.45 and a twelve month high of C$57.52. The firm has a market cap of C$17.51 billion, a P/E ratio of 34.27, a P/E/G ratio of -4.97 and a beta of 0.35. The company has a debt-to-equity ratio of 115.95, a quick ratio of 0.43 and a current ratio of 0.88. The stock's fifty day moving average price is C$54.46 and its two-hundred day moving average price is C$49.53.

AltaGas (TSE:ALA - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported C$0.31 earnings per share (EPS) for the quarter. AltaGas had a net margin of 4.02% and a return on equity of 5.92%. The company had revenue of C$3.80 billion during the quarter. On average, research analysts expect that AltaGas will post 2.3006093 earnings per share for the current fiscal year.

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. Natural gas is sold and purchased for both commercial and industrial users.

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