AltaGas Ltd. (TSE:ALA) Receives Average Recommendation of “Buy” from Brokerages

AltaGas Ltd. (TSE:ALA) has been given an average rating of “Buy” by the eight brokerages that are currently covering the company, Marketbeat reports. Eight analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is C$56.56.

ALA has been the topic of a number of research analyst reports. National Bank Financial lifted their price target on AltaGas from C$52.00 to C$60.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. ATB Cormark Capital Markets lifted their target price on shares of AltaGas from C$60.00 to C$63.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Royal Bank Of Canada upped their target price on shares of AltaGas from C$55.00 to C$59.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Scotiabank raised their price target on shares of AltaGas from C$57.00 to C$62.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 21st. Finally, BMO Capital Markets upped their price objective on shares of AltaGas from C$54.00 to C$59.00 and gave the company an “outperform” rating in a research note on Friday, July 31st.

AltaGas Stock Up 1.4%

ALA stock opened at C$53.34 on Friday. AltaGas has a one year low of C$39.45 and a one year high of C$57.52. The company has a debt-to-equity ratio of 112.99, a quick ratio of 0.43 and a current ratio of 0.86. The firm’s fifty day moving average is C$53.87 and its 200 day moving average is C$52.09. The firm has a market cap of C$16.64 billion, a PE ratio of 26.94, a P/E/G ratio of -4.97 and a beta of 0.28.

AltaGas (TSE:ALA) last announced its earnings results on Thursday, July 30th. The company reported C$0.31 earnings per share (EPS) for the quarter. The firm had revenue of C$3.80 billion for the quarter. AltaGas had a return on equity of 7.00% and a net margin of 4.59%. On average, research analysts forecast that AltaGas will post 2.3006093 EPS for the current year.

AltaGas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th will be given a $0.334 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.5%. AltaGas’s dividend payout ratio is 65.56%.

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.