Scotiabank Forecasts Strong Price Appreciation for AltaGas (TSE:ALA) Stock

AltaGas (TSE:ALA) had its target price lifted by equities research analysts at Scotiabank from C$52.00 to C$54.00 in a research report issued to clients and investors on Monday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 9.85% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Royal Bank Of Canada upped their price target on AltaGas from C$48.00 to C$50.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Canadian Imperial Bank of Commerce boosted their target price on shares of AltaGas from C$47.00 to C$50.00 in a research note on Wednesday, December 17th. ATB Cormark Capital Markets increased their target price on shares of AltaGas from C$49.00 to C$52.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. TD Securities raised their price target on shares of AltaGas from C$48.00 to C$51.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Finally, Jefferies Financial Group boosted their price objective on shares of AltaGas from C$49.00 to C$53.00 in a research report on Monday, March 9th. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of C$50.11.

AltaGas Stock Up 1.0%

Shares of ALA stock traded up C$0.49 during trading hours on Monday, hitting C$49.16. 318,719 shares of the company were exchanged, compared to its average volume of 1,016,197. The stock has a market capitalization of C$15.30 billion, a price-to-earnings ratio of 19.82, a P/E/G ratio of -4.97 and a beta of 0.34. AltaGas has a one year low of C$35.33 and a one year high of C$49.51. The business’s 50-day simple moving average is C$45.71 and its two-hundred day simple moving average is C$43.38. The company has a debt-to-equity ratio of 118.25, a quick ratio of 0.44 and a current ratio of 0.82.

AltaGas (TSE:ALA) last announced its quarterly earnings data on Friday, March 6th. The company reported C$0.77 earnings per share (EPS) for the quarter. AltaGas had a return on equity of 8.74% and a net margin of 6.14%.The firm had revenue of C$3.29 billion for the quarter. Sell-side analysts predict that AltaGas will post 2.3006093 EPS for the current fiscal year.

About AltaGas

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage. Natural gas is sold and purchased for both commercial and industrial users.