CIBC Issues Positive Forecast for AltaGas (TSE:ALA) Stock Price

AltaGas (TSE:ALA) had its price objective boosted by CIBC from C$40.00 to C$42.00 in a report published on Thursday,BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also issued reports about the stock. Jefferies Financial Group upped their price objective on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Royal Bank of Canada lifted their price objective on AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a research report on Thursday, October 3rd. JPMorgan Chase & Co. lowered AltaGas from an “overweight” rating to a “neutral” rating and increased their target price for the stock from C$36.00 to C$37.00 in a research report on Wednesday, October 23rd. ATB Capital set a C$36.00 price target on AltaGas and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Finally, Scotiabank increased their price objective on AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$38.30.

AltaGas Price Performance

ALA opened at C$33.94 on Thursday. The company has a debt-to-equity ratio of 115.50, a quick ratio of 0.44 and a current ratio of 0.85. The stock has a market capitalization of C$10.09 billion, a PE ratio of 23.41, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The stock’s 50 day moving average price is C$33.63 and its 200-day moving average price is C$33.08. AltaGas has a 52-week low of C$26.91 and a 52-week high of C$35.77.

AltaGas Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were given a dividend of $0.298 per share. This represents a $1.19 annualized dividend and a yield of 3.51%. The ex-dividend date was Monday, December 16th. AltaGas’s dividend payout ratio (DPR) is 82.07%.

Insider Transactions at AltaGas

In other AltaGas news, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was purchased at an average price of C$32.97 per share, for a total transaction of C$250,549.20. Insiders own 0.58% of the company’s stock.

AltaGas Company Profile

AltaGas Ltd. operates as an energy infrastructure company in North America. The company operates through Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.6 million customers.