Scotiabank Issues Positive Forecast for ATCO (TSE:ACO.X) Stock Price

Key Points

• Scotiabank raised its price target on ATCO from C$70.00 to C$79.00 while keeping a “sector perform” rating. The new target implies a modest upside from the stock’s last close.
• Analyst sentiment remains cautious overall, with several other firms also lifting targets but maintaining Hold/sector perform views. The broader consensus price target is C$72.43, according to MarketBeat.
• ATCO’s shares were trading near their 52-week high at C$77.97, after rising C$0.36 in Tuesday trading. The company recently reported quarterly EPS of C$1.47 on revenue of C$1.43 billion.

ATCO (TSE:ACO.X - Get Free Report) had its target price increased by Scotiabank from C$70.00 to C$79.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The brokerage currently has a "sector perform" rating on the stock. Scotiabank's price objective indicates a potential upside of 1.32% from the stock's previous close.

A number of other analysts have also recently issued reports on ACO.X. National Bank Financial lifted their price objective on ATCO from C$62.00 to C$69.00 and gave the company a "sector perform" rating in a research report on Monday, June 1st. Scotia upped their target price on ATCO from C$67.00 to C$70.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 7th. Royal Bank Of Canada raised their price target on ATCO from C$66.00 to C$71.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 7th. Finally, Canadian Imperial Bank of Commerce lifted their price target on ATCO from C$72.00 to C$82.00 in a report on Monday, April 20th. Five analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of C$72.43.

ATCO Stock Performance

ATCO stock traded up C$0.36 during mid-day trading on Tuesday, hitting C$77.97. 53,564 shares of the company's stock traded hands, compared to its average volume of 278,040. The firm has a 50 day moving average price of C$72.15 and a 200 day moving average price of C$66.78. The company has a quick ratio of 1.48, a current ratio of 1.42 and a debt-to-equity ratio of 131.63. The company has a market cap of C$7.87 billion, a PE ratio of 56.09, a price-to-earnings-growth ratio of 3.80 and a beta of 0.35. ATCO has a one year low of C$47.52 and a one year high of C$79.00.

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