Altagas Ltd (TSE:ALA) shares traded down 8.9% during trading on Tuesday after Industrial Alliance Securities lowered their price target on the stock from C$28.50 to C$27.00. The stock traded as low as C$17.51 and last traded at C$18.11. 1,090,210 shares changed hands during trading, an increase of 11% from the average session volume of 981,616 shares. The stock had previously closed at C$19.87.
Several other research firms also recently commented on ALA. TD Securities decreased their price target on shares of Altagas from C$37.00 to C$32.00 and set a “buy” rating on the stock in a research note on Tuesday, July 10th. Raymond James lifted their price target on shares of Altagas from C$23.00 to C$24.00 in a research note on Thursday, July 5th. National Bank Financial decreased their price target on shares of Altagas from C$29.00 to C$28.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 2nd. BMO Capital Markets decreased their price target on shares of Altagas from C$27.00 to C$26.00 in a research note on Tuesday, September 11th. Finally, CIBC decreased their price target on shares of Altagas from C$32.00 to C$30.00 in a research note on Tuesday, September 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Altagas currently has an average rating of “Hold” and a consensus price target of C$25.56.
In related news, insider Jared Blake Green sold 4,750 shares of Altagas stock in a transaction on Tuesday, October 9th. The shares were sold at an average price of C$21.02, for a total value of C$99,845.00. Also, Director Phillip R. Knoll bought 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The stock was purchased at an average cost of C$20.91 per share, for a total transaction of C$52,275.00.
The firm also recently announced a monthly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, October 25th will be issued a dividend of $0.183 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 12.08%. The ex-dividend date of this dividend is Wednesday, October 24th.
Altagas Company Profile (TSE:ALA)
AltaGas Ltd. operates as a diversified energy infrastructure company in North America. It operates through three segments: Gas, Power, and Utilities. The Gas segment engages in natural gas gathering and processing; natural gas liquids (NGL) extraction and separation, transmission, and storage; and natural gas and NGL marketing activities, as well as buying and selling natural gas.
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