National Bank Financial Cuts Altagas (ALA) Price Target to C$18.00

Altagas (TSE:ALA) had its price objective cut by equities research analysts at National Bank Financial from C$26.00 to C$18.00 in a research report issued on Wednesday. The firm currently has a “sector perform” rating on the stock. National Bank Financial’s price target suggests a potential upside of 8.63% from the company’s current price.

A number of other brokerages have also commented on ALA. TD Securities cut their price target on Altagas from C$37.00 to C$32.00 and set a “buy” rating for the company in a report on Tuesday, July 10th. Raymond James upped their price target on Altagas from C$23.00 to C$24.00 in a report on Thursday, July 5th. Industrial Alliance Securities cut their price target on Altagas from C$30.00 to C$29.50 in a report on Thursday, August 2nd. BMO Capital Markets cut their price target on Altagas from C$27.00 to C$26.00 in a report on Tuesday, September 11th. Finally, CIBC cut their price target on Altagas from C$32.00 to C$30.00 in a report on Tuesday, September 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of C$23.20.

ALA traded down C$0.09 on Wednesday, hitting C$16.57. The company had a trading volume of 2,838,103 shares, compared to its average volume of 1,022,311. Altagas has a 1-year low of C$15.70 and a 1-year high of C$30.06.

Altagas (TSE:ALA) last issued its quarterly earnings results on Wednesday, August 1st. The company reported C$0.13 EPS for the quarter, topping analysts’ consensus estimates 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.

In other news, Director Phillip R. Knoll acquired 2,500 shares of the stock in a transaction dated Tuesday, September 25th. The shares were acquired at an average cost of C$20.91 per share, for a total transaction of C$52,275.00. Also, insider Jared Blake Green sold 4,750 shares of the business’s stock in a transaction that occurred 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.

About Altagas

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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