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

Shares of AltaGas Ltd. (TSE:ALA) have earned an average rating of “Buy” from the ten brokerages that are covering the firm, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is C$35.00.

ALA has been the topic of a number of recent analyst reports. National Bankshares upped their target price on shares of AltaGas from C$33.00 to C$35.00 and gave the company an “outperform” rating in a research report on Thursday, May 30th. Scotiabank upped their target price on shares of AltaGas from C$33.00 to C$35.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. ATB Capital upped their target price on shares of AltaGas from C$35.00 to C$36.00 and gave the company an “outperform” rating in a research report on Thursday, May 30th. BMO Capital Markets upped their target price on shares of AltaGas from C$36.00 to C$37.00 and gave the company an “outperform” rating in a research report on Thursday, May 30th. Finally, Raymond James upped their target price on shares of AltaGas from C$34.00 to C$35.00 and gave the company an “outperform” rating in a research report on Friday, May 31st.

AltaGas Trading Down 0.2 %

Shares of ALA stock opened at C$30.74 on Wednesday. The company’s 50-day moving average price is C$30.60 and its 200-day moving average price is C$29.38. The company has a current ratio of 1.01, a quick ratio of 0.44 and a debt-to-equity ratio of 117.56. The stock has a market cap of C$9.10 billion, a price-to-earnings ratio of 14.92, a PEG ratio of -4.97 and a beta of 1.22. AltaGas has a twelve month low of C$23.38 and a twelve month high of C$31.50.

AltaGas (TSE:ALA) last announced its quarterly earnings results on Thursday, May 2nd. The company reported C$1.14 earnings per share for the quarter, beating the consensus estimate of C$1.05 by C$0.09. AltaGas had a net margin of 5.03% and a return on equity of 7.93%. The firm had revenue of C$3.66 billion for the quarter, compared to analysts’ expectations of C$4.13 billion. As a group, equities analysts predict that AltaGas will post 2.1388695 earnings per share for the current year.

AltaGas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 28th were paid a dividend of $0.298 per share. The ex-dividend date was Friday, June 14th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.88%. AltaGas’s payout ratio is 57.77%.

Insider Buying and Selling

In related news, Senior Officer Bertram Grant Bradley sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of C$30.59, for a total transaction of C$458,850.00. In other AltaGas news, Senior Officer James Harbilas sold 100,000 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of C$30.45, for a total value of C$3,045,000.00. Also, Senior Officer Bertram Grant Bradley sold 15,000 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of C$30.59, for a total transaction of C$458,850.00. Over the last ninety days, insiders have bought 20,500 shares of company stock worth $627,795 and have sold 172,750 shares worth $5,257,062. Insiders own 0.57% of the company’s stock.

AltaGas Company Profile

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.