Scotiabank Forecasts Strong Price Appreciation for AltaGas (TSE:ALA) Stock

Key Points

• Scotiabank raised its price target on AltaGas to C$57 (from C$54) and maintained a "sector outperform" rating, implying about an 8.9% upside from the stock's current price.
• Multiple other analysts also lifted targets (Jefferies, JPMorgan, TD, National Bank, ATB Cormark), and MarketBeat shows a consensus rating of Moderate Buy with an average price target of C$52.11.
• AltaGas shares traded up to C$52.34 (≈+2.8%); the company reported quarterly EPS of C$1.33 and revenue of C$3.97 billion, with a market cap of about C$16.3 billion.

AltaGas (TSE:ALA - Get Free Report) had its price target raised by analysts at Scotiabank from C$54.00 to C$57.00 in a note issued to investors on Friday,BayStreet.CA reports. The firm presently has a "sector outperform" rating on the stock. Scotiabank's price target suggests a potential upside of 8.90% from the stock's current price.

ALA has been the subject of several other reports. Jefferies Financial Group lifted their price target on AltaGas from C$49.00 to C$53.00 in a report on Monday, March 9th. JPMorgan Chase & Co. lifted their price target on AltaGas from C$49.00 to C$52.00 in a report on Tuesday, April 14th. TD Securities lifted their price target on AltaGas from C$48.00 to C$51.00 and gave the company a "buy" rating in a report on Monday, March 9th. National Bank Financial lifted their price target on AltaGas from C$51.00 to C$52.00 and gave the company an "outperform" rating in a report on Friday. Finally, 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. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of C$52.11.

AltaGas Stock Up 2.8%

TSE:ALA traded up C$1.43 on Friday, hitting C$52.34. 533,563 shares of the company's stock traded hands, compared to its average volume of 1,013,152. The company has a current ratio of 0.82, a quick ratio of 0.44 and a debt-to-equity ratio of 118.25. AltaGas has a 1 year low of C$37.08 and a 1 year high of C$52.39. The firm has a 50-day moving average price of C$48.13 and a 200-day moving average price of C$44.23. The company has a market cap of C$16.29 billion, a PE ratio of 21.10, a price-to-earnings-growth ratio of -4.97 and a beta of 0.34.

AltaGas (TSE:ALA - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share for the quarter. The company had revenue of C$3.97 billion for the quarter. AltaGas had a return on equity of 8.74% and a net margin of 6.14%. Equities analysts anticipate that AltaGas will post 2.3006093 EPS for the current fiscal 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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