AltaGas (TSE:ALA) Stock Price Expected to Rise, Scotiabank Analyst Says

Key Points

• Scotiabank has increased the price target for AltaGas from C$45.00 to C$46.00, maintaining an "outperform" rating, which indicates a potential upside of 12.28% from its current price.
• Several other analysts have also raised their price targets, with JPMorgan Chase lifting theirs to C$41.00 and TD Securities to C$48.00, while National Bankshares and Royal Bank Of Canada now have targets of C$44.00 and C$43.00, respectively.
• AltaGas shares have dipped by 0.8% to C$40.97, but analysts rate the stock with an average of "Moderate Buy" and an average price target of C$44.33.

AltaGas (TSE:ALA - Free Report) had its price target increased by Scotiabank from C$45.00 to C$46.00 in a research report sent to investors on Tuesday morning,BayStreet.CA reports. Scotiabank currently has an outperform rating on the stock.

Several other research analysts also recently weighed in on the company. Jefferies Financial Group lifted their target price on AltaGas from C$40.00 to C$46.00 in a research note on Wednesday, July 23rd. TD Securities lifted their target price on AltaGas from C$45.00 to C$48.00 and gave the company a "buy" rating in a research note on Tuesday. CIBC lifted their target price on AltaGas from C$42.00 to C$43.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. BMO Capital Markets lifted their target price on AltaGas from C$40.00 to C$43.00 in a research note on Friday, May 2nd. Finally, Veritas upgraded AltaGas to a "strong sell" rating in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of C$44.33.

AltaGas Stock Performance

Shares of ALA stock traded down C$0.03 during midday trading on Tuesday, hitting C$41.27. The company had a trading volume of 298,216 shares, compared to its average volume of 801,638. The company's 50 day simple moving average is C$39.41 and its 200 day simple moving average is C$38.02. AltaGas has a 52-week low of C$32.02 and a 52-week high of C$42.03. The stock has a market cap of C$12.29 billion, a price-to-earnings ratio of 23.92, a PEG ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44.

AltaGas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Tuesday, September 16th will be issued a $0.315 dividend. This represents a $1.26 annualized dividend and a dividend yield of 3.1%. AltaGas's dividend payout ratio is currently 68.98%.

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.