AltaGas (TSE:ALA) Price Target Raised to C$42.00 at CIBC

AltaGas (TSE:ALA) had its price target raised by equities research analysts at CIBC from C$40.00 to C$42.00 in a report released on Thursday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. CIBC’s target price suggests a potential upside of 23.49% from the company’s current price.

A number of other analysts have also commented on ALA. Jefferies Financial Group lifted their price target on AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Scotiabank boosted their price target on shares of AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. cut shares of AltaGas from an “overweight” rating to a “neutral” rating and boosted their target price for the company from C$36.00 to C$37.00 in a research note on Wednesday, October 23rd. Royal Bank of Canada upped their price objective on AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a research note on Thursday, October 3rd. Finally, ATB Capital set a C$36.00 target price on AltaGas and gave the company an “outperform” rating in a research note on Tuesday, September 24th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, AltaGas has a consensus rating of “Moderate Buy” and a consensus price target of C$38.30.

AltaGas Stock Down 0.3 %

ALA traded down C$0.11 during midday trading on Thursday, hitting C$34.01. The company had a trading volume of 85,689 shares, compared to its average volume of 634,484. The stock’s 50 day moving average price is C$33.62 and its 200 day moving average price is C$33.06. AltaGas has a 52 week low of C$26.91 and a 52 week high of C$35.77. The company has a market capitalization of C$10.11 billion, a price-to-earnings ratio of 23.46, a PEG ratio of -4.97 and a beta of 1.23. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50.

Insider Buying and Selling

In other news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was purchased at an average price of C$32.97 per share, with a total value of C$250,549.20. 0.58% of the stock is currently owned by corporate insiders.

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.