Brokerages Set AltaGas Ltd. (TSE:ALA) Target Price at C$38.40

AltaGas Ltd. (TSE:ALA) has received a consensus recommendation of “Moderate Buy” from the nine brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is C$39.11.

A number of equities research analysts have recently weighed in on ALA shares. CIBC lifted their target price on AltaGas from C$40.00 to C$42.00 and gave the stock an “outperform” rating in a report on Thursday, January 9th. Scotiabank lifted their target price on AltaGas from C$40.00 to C$42.00 in a report on Monday, March 10th.

AltaGas Trading Down 0.7 %

Shares of AltaGas stock opened at C$38.03 on Monday. The business has a fifty day simple moving average of C$34.96 and a two-hundred day simple moving average of C$34.26. AltaGas has a 1 year low of C$28.76 and a 1 year high of C$38.61. The company has a market capitalization of C$11.32 billion, a price-to-earnings ratio of 22.04, a P/E/G 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 (TSE:ALA) last posted its earnings results on Friday, March 7th. The company reported C$0.76 earnings per share for the quarter. AltaGas had a return on equity of 6.36% and a net margin of 4.04%. Research analysts forecast that AltaGas will post 2.3006093 EPS for the current year.

AltaGas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 31st will be paid a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Monday, March 17th. This is an increase from AltaGas’s previous quarterly dividend of $0.30. AltaGas’s payout ratio is 68.98%.

Insider Buying and Selling at AltaGas

In other AltaGas news, Director Peter James Ledig sold 25,200 shares of AltaGas stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of C$38.35, for a total value of C$966,420.00. Also, Senior Officer Corine Renae Knight Bushfield sold 144,064 shares of AltaGas stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of C$38.00, for a total value of C$5,474,432.00. Insiders have sold a total of 181,616 shares of company stock worth $6,859,585 over the last 90 days. Insiders own 0.58% of the company’s stock.

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.