Scotiabank Raises AltaGas (TSE:ALA) Price Target to C$40.00

AltaGas (TSE:ALA) had its target price upped by equities research analysts at Scotiabank from C$39.00 to C$40.00 in a report released on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 13.31% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut AltaGas from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from C$36.00 to C$37.00 in a research report on Wednesday, October 23rd. CIBC lifted their price objective on AltaGas from C$40.00 to C$42.00 and gave the company an “outperform” rating in a report on Thursday, January 9th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, AltaGas has a consensus rating of “Moderate Buy” and a consensus target price of C$38.40.

AltaGas Trading Up 2.1 %

Shares of TSE ALA traded up C$0.71 during mid-day trading on Thursday, hitting C$35.30. 277,909 shares of the company traded hands, compared to its average volume of 682,369. The business has a 50 day moving average of C$33.78 and a two-hundred day moving average of C$33.69. The company has a quick ratio of 0.44, a current ratio of 1.03 and a debt-to-equity ratio of 135.26. The stock has a market capitalization of C$10.51 billion, a price-to-earnings ratio of 20.46, a PEG ratio of -4.97 and a beta of 1.23. AltaGas has a 1 year low of C$26.97 and a 1 year high of C$35.77.

Insider Transactions at AltaGas

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

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.