Altagas (TSE:ALA) Price Target Raised to C$23.00 at CIBC

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Altagas (TSE:ALA) had its price objective boosted by CIBC from C$22.00 to C$23.00 in a research note published on Wednesday morning, BayStreet.CA reports.

ALA has been the subject of a number of other reports. Raymond James reissued a market perform rating and issued a C$19.00 target price on shares of Altagas in a research report on Thursday, October 31st. JPMorgan Chase & Co. upped their target price on Altagas from C$21.00 to C$22.00 in a research report on Wednesday, December 18th. BMO Capital Markets reissued an outperform rating and issued a C$23.00 target price on shares of Altagas in a research report on Tuesday, November 19th. Finally, National Bank Financial upped their target price on Altagas from C$21.00 to C$22.00 and gave the company a sector perform rating in a research report on Wednesday, December 18th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of C$21.60.

Shares of TSE:ALA traded up C$0.39 on Wednesday, hitting C$19.89. 571,299 shares of the company’s stock were exchanged, compared to its average volume of 655,258. The firm’s 50-day moving average is C$19.67 and its 200 day moving average is C$19.50. The company has a market capitalization of $5.50 billion and a PE ratio of 5.25. Altagas has a 1-year low of C$13.25 and a 1-year high of C$20.87. The company has a debt-to-equity ratio of 102.83, a quick ratio of 0.26 and a current ratio of 0.50.

Altagas (TSE:ALA) last announced its earnings results on Wednesday, October 30th. The company reported C($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C($0.14) by C($0.07). The company had revenue of C$888.00 million during the quarter, compared to analysts’ expectations of C$998.54 million. On average, analysts anticipate that Altagas will post 1.2412698 EPS for the current fiscal year.

The company also recently announced a monthly dividend, which will be paid on Monday, February 17th. Investors of record on Monday, January 27th will be given a $0.08 dividend. The ex-dividend date is Friday, January 24th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.83%. Altagas’s dividend payout ratio (DPR) is presently 25.30%.

In other news, Director Allan Leslie Edgeworth bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were bought at an average cost of C$19.10 per share, with a total value of C$95,500.00. Following the completion of the purchase, the director now directly owns 5,896 shares in the company, valued at C$112,613.60.

About Altagas

AltaGas Ltd. operates as a diversified energy infrastructure company in North America. The company operates through three segments: Utilities, Midstream, and Power. The Utilities segment owns and operates regulated natural gas distribution utilities in Michigan, Alaska, the District of Columbia, Maryland, and Virginia; and 2 regulated natural gas storage utilities in the United States serving approximately 1.6 million customers.

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Analyst Recommendations for Altagas (TSE:ALA)

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