AltaGas Ltd. (TSE:ALA) Given Average Recommendation of “Buy” by Brokerages

Shares of AltaGas Ltd. (TSE:ALA) have been given an average recommendation of “Buy” by the eight ratings firms that are presently covering the stock, MarketBeat.com reports. Eight equities research analysts have rated the stock with a buy recommendation. The average twelve-month target price among analysts that have covered the stock in the last year is C$33.75.

ALA has been the subject of several research reports. National Bankshares raised their price objective on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. Scotiabank boosted their price objective on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Jefferies Financial Group set a C$34.00 price objective on AltaGas and gave the company a “buy” rating in a research report on Tuesday, February 27th. CIBC boosted their target price on AltaGas from C$34.00 to C$36.00 and gave the stock an “outperform” rating in a research report on Friday, December 29th. Finally, TD Securities raised their price target on AltaGas from C$32.00 to C$34.00 and gave the company a “buy” rating in a report on Monday, March 11th.

Insider Activity at AltaGas

In related news, Director Jeremy Jason Weatherhead sold 12,215 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total transaction of C$361,564.00. In related news, Director Jeremy Jason Weatherhead sold 12,215 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of C$29.60, for a total transaction of C$361,564.00. Also, Senior Officer Randy Warren Toone sold 40,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of C$29.18, for a total value of C$1,167,200.00. Insiders have sold 68,239 shares of company stock worth $2,002,672 in the last ninety days. Company insiders own 0.57% of the company’s stock.

AltaGas Price Performance

Shares of AltaGas stock opened at C$29.47 on Friday. The stock has a market capitalization of C$8.70 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of -4.97 and a beta of 1.22. The firm’s 50-day moving average price is C$28.96 and its two-hundred day moving average price is C$27.83. The company has a current ratio of 0.89, a quick ratio of 0.44 and a debt-to-equity ratio of 125.64. AltaGas has a 1-year low of C$22.28 and a 1-year high of C$29.95.

AltaGas (TSE:ALA) last released its quarterly earnings results on Friday, March 8th. The company reported C$0.75 EPS for the quarter, hitting analysts’ consensus estimates of C$0.75. AltaGas had a return on equity of 8.90% and a net margin of 5.18%. The business had revenue of C$3.29 billion for the quarter, compared to analyst estimates of C$4.11 billion. On average, equities analysts predict that AltaGas will post 2.1549815 earnings per share for the current fiscal year.

AltaGas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 28th were given a dividend of $0.298 per share. This is a positive change from AltaGas’s previous quarterly dividend of $0.28. This represents a $1.19 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Thursday, March 14th. AltaGas’s payout ratio is presently 52.65%.

About AltaGas

AltaGas Ltd. operates as an energy infrastructure company in North America. The company operates through Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.6 million customers.