Brokerages Set AltaGas Ltd. (TSE:ALA) Price Target at C$38.30

Shares of AltaGas Ltd. (TSE:ALA) have been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is C$38.40.

A number of research analysts have recently issued reports on ALA shares. Scotiabank lifted their price target on AltaGas from C$39.00 to C$40.00 and gave the company an “outperform” rating in a report on Thursday. CIBC raised their price objective on AltaGas from C$40.00 to C$42.00 and gave the stock an “outperform” rating in a research report on Thursday, January 9th. Finally, JPMorgan Chase & Co. cut AltaGas from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from C$36.00 to C$37.00 in a research report on Wednesday, October 23rd.

Insider Activity at AltaGas

In other AltaGas news, Senior Officer Donald Mark Jenkins sold 12,352 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of C$33.90, for a total transaction of C$418,732.80. Also, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were purchased at an average price of C$32.97 per share, for a total transaction of C$250,549.20. 0.58% of the stock is owned by company insiders.

AltaGas Trading Down 1.6 %

Shares of TSE:ALA opened at C$34.50 on Thursday. AltaGas has a 12-month low of C$27.36 and a 12-month high of C$35.77. The business’s fifty day simple moving average is C$33.79 and its 200-day simple moving average is C$33.73. The company has a market capitalization of C$10.27 billion, a PE ratio of 20.00, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a current ratio of 1.03, a quick ratio of 0.44 and a debt-to-equity ratio of 135.26.

AltaGas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were paid a $0.298 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $1.19 annualized dividend and a dividend yield of 3.46%. AltaGas’s dividend payout ratio is presently 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.