Altagas (ALA) Hits New 1-Year Low on Analyst Downgrade

Altagas Ltd (TSE:ALA) shares reached a new 52-week low on Monday after Industrial Alliance Securities lowered their price target on the stock from C$28.50 to C$27.00. The company traded as low as C$20.07 and last traded at C$20.18, with a volume of 930734 shares changing hands. The stock had previously closed at C$20.60.

A number of other research firms have also weighed in on ALA. Raymond James reduced their target price on Altagas from C$24.00 to C$22.00 in a report on Friday, October 5th. BMO Capital Markets reduced their target price on Altagas from C$27.00 to C$26.00 in a report on Tuesday, September 11th. CIBC reduced their target price on Altagas from C$32.00 to C$30.00 in a report on Tuesday, September 11th. National Bank Financial reduced their target price on Altagas from C$28.00 to C$26.00 and set a “sector perform” rating for the company in a report on Friday, September 14th. Finally, TD Securities reduced their target price on Altagas from C$32.00 to C$25.00 and set a “buy” rating for the company in a report on Friday, October 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Altagas currently has a consensus rating of “Hold” and a consensus price target of C$25.56.

In other Altagas news, Director Phillip R. Knoll acquired 2,500 shares of the business’s stock in a transaction dated Tuesday, September 25th. The stock was bought at an average price of C$20.91 per share, with a total value of C$52,275.00. Also, insider Jared Blake Green sold 4,750 shares of the business’s stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of C$21.02, for a total value of C$99,845.00.



Altagas (TSE:ALA) last issued its quarterly earnings data on Wednesday, August 1st. The company reported C$0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.11 by C$0.02. Altagas had a negative return on equity of 5.43% and a negative net margin of 3.60%. The company had revenue of C$610.00 million during the quarter, compared to analyst estimates of C$627.43 million.

The firm also recently disclosed 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 annualized dividend and a dividend yield of 13.18%. 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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