Scotia Forecasts Strong Price Appreciation for ATCO (TSE:ACO.X) Stock

Key Points

• Scotia raised its price target on ATCO to C$70.00 (from C$67.00) and kept a "sector perform" rating, implying about a 3.0% upside from the prior close.
• Other major banks also lifted targets (CIBC to C$82, BMO to C$69, RBC to C$66, TD to C$67), but the consensus remains a Hold with an average target of C$67.71 (1 Buy, 4 Hold).
• Shares trade around C$67.94 with a market cap of C$7.64B and a high P/E of 51.08; the company reported C$1.47 EPS and C$1.43B revenue for the most recent quarter.

ATCO (TSE:ACO.X - Get Free Report) had its price objective raised by Scotia from C$67.00 to C$70.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm presently has a "sector perform" rating on the stock. Scotia's price objective would suggest a potential upside of 3.03% from the company's previous close.

A number of other equities analysts have also weighed in on the company. Canadian Imperial Bank of Commerce upped their target price on ATCO from C$72.00 to C$82.00 in a research report on Monday, April 20th. BMO Capital Markets increased their price target on ATCO from C$63.00 to C$69.00 in a research report on Friday, February 27th. Royal Bank Of Canada boosted their target price on shares of ATCO from C$59.00 to C$66.00 in a research note on Friday, February 27th. Finally, TD Securities lifted their price objective on ATCO from C$57.00 to C$67.00 and gave the stock a "hold" rating in a report on Tuesday, March 3rd. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of C$67.71.

ATCO Price Performance

Shares of ACO.X stock traded up C$0.12 during trading on Thursday, hitting C$67.94. The company had a trading volume of 92,278 shares, compared to its average volume of 238,159. The stock's 50-day moving average price is C$67.35 and its 200 day moving average price is C$60.29. The firm has a market capitalization of C$7.64 billion, a P/E ratio of 51.08, a price-to-earnings-growth ratio of 3.80 and a beta of 0.46. The company has a debt-to-equity ratio of 131.63, a quick ratio of 1.48 and a current ratio of 1.42. ATCO has a one year low of C$47.52 and a one year high of C$72.37.

ATCO (TSE:ACO.X - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported C$1.47 earnings per share for the quarter. ATCO had a net margin of 8.16% and a return on equity of 8.54%. The company had revenue of C$1.43 billion for the quarter. Equities analysts expect that ATCO will post 4.1980634 EPS for the current fiscal year.

ATCO Company Profile

Atco Ltd is a Canadian holding company that offers gas, electric, and infrastructure solutions. The largest subsidiary of the company is Canadian utilities, which operates natural gas, electricity, and logistical services. Atco's primary segments include Structures and Logistics; Utilities; Energy Infrastructure; Neltume Ports and Corporate and Other. It generates maximum revenue from the Utilities segment. Geographically, it derives most of its revenue from Canada.

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