CIBC Forecasts Strong Price Appreciation for AltaGas (TSE:ALA) Stock

AltaGas (TSE:ALA) had its price target increased by CIBC from C$40.00 to C$42.00 in a research report issued on Thursday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. CIBC’s price objective suggests a potential upside of 22.24% from the stock’s current price.

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

AltaGas Stock Performance

ALA opened at C$34.36 on Thursday. The business has a fifty day simple moving average of C$33.64 and a 200-day simple moving average of C$33.09. The firm has a market cap of C$10.22 billion, a PE ratio of 23.70, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. AltaGas has a fifty-two week low of C$26.91 and a fifty-two week high of C$35.77.

Insider Transactions at AltaGas

In other news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average cost of C$32.97 per share, with a total value of C$250,549.20. Insiders own 0.58% of the company’s stock.

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.