AltaGas Canada (TSE:ACI) Sets New 1-Year High on Analyst Upgrade

AltaGas Canada Inc (TSE:ACI) reached a new 52-week high during trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from C$23.00 to C$33.50. The stock traded as high as C$33.30 and last traded at C$33.26, with a volume of 523848 shares changing hands. The stock had previously closed at C$33.15.

Several other research analysts have also commented on ACI. TD Securities lifted their price target on shares of AltaGas Canada from C$19.50 to C$25.00 and gave the company a “hold” rating in a report on Monday, August 12th. CIBC lifted their price target on shares of AltaGas Canada from C$31.00 to C$33.50 in a report on Tuesday. Royal Bank of Canada lowered shares of AltaGas Canada from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from C$33.00 to C$33.50 in a report on Tuesday. Finally, National Bank Financial lifted their price target on shares of AltaGas Canada from C$20.00 to C$25.00 and gave the company a “sector perform” rating in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of C$28.79.

The firm’s fifty day moving average price is C$25.38. The company has a debt-to-equity ratio of 104.23, a current ratio of 0.72 and a quick ratio of 0.57. The firm has a market capitalization of $744.60 million and a price-to-earnings ratio of 22.47.

AltaGas Canada (TSE:ACI) last posted its quarterly earnings results on Thursday, August 8th. The company reported C$0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of C$0.14 by C($0.01). The firm had revenue of C$61.30 million for the quarter, compared to analyst estimates of C$61.65 million. Equities analysts forecast that AltaGas Canada Inc will post 1.5190846 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, August 30th were given a $0.26 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.04 annualized dividend and a yield of 3.13%. AltaGas Canada’s dividend payout ratio is presently 43.88%.

AltaGas Canada Company Profile (TSE:ACI)

AltaGas Canada Inc, a natural gas distribution utility company, provides rate-regulated utility services in northern British Columbia. It operates in Renewable Energy and Utilities segments. The company also holds interest in the Bear Mountain Wind Park, a 102 MW generating wind facility consisting of 34 turbines, a substation, and transmission and collector lines; and the northwest hydro facilities located in Tahltan first nation territory of Vancouver, British Columbia.

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