Altagas (TSE:ALA) Rating Increased to Outperform at BMO Capital Markets
BMO Capital Markets upgraded shares of Altagas (TSE:ALA) from a market perform rating to an outperform rating in a report released on Monday, BayStreet.CA reports. They currently have C$22.00 price target on the stock, up from their previous price target of C$21.00.
Several other analysts have also commented on the company. Royal Bank of Canada lifted their price objective on Altagas from C$20.00 to C$22.00 and gave the stock a sector perform rating in a report on Tuesday, July 23rd. CIBC lifted their price objective on Altagas from C$20.00 to C$21.00 in a report on Tuesday, July 23rd. TD Securities lifted their price objective on Altagas from C$22.00 to C$23.00 and gave the stock a buy rating in a report on Friday, August 2nd. Industrial Alliance Securities lifted their price objective on Altagas from C$21.50 to C$23.00 and gave the stock a buy rating in a report on Thursday, June 27th. Finally, National Bank Financial lifted their price objective on Altagas from C$19.00 to C$20.00 and gave the stock a sector perform rating in a report on Tuesday, July 23rd. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Altagas presently has an average rating of Hold and a consensus target price of C$21.09.
Shares of ALA opened at C$18.78 on Monday. The company has a debt-to-equity ratio of 108.26, a current ratio of 0.69 and a quick ratio of 0.27. Altagas has a one year low of C$11.87 and a one year high of C$24.73. The firm has a market capitalization of $5.24 billion and a P/E ratio of 17.12. The business has a fifty day moving average of C$19.16 and a 200 day moving average of C$18.81.
The business also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Wednesday, September 25th will be issued a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a yield of 5.11%. The ex-dividend date is Tuesday, September 24th. Altagas’s dividend payout ratio is presently 134.23%.
AltaGas Ltd. operates as a diversified energy infrastructure company in North America. The company operates through three segments: Utilities, Midstream, and Power. The Utilities segment owns and operates regulated natural gas distribution utilities in Michigan, Alaska, the District of Columbia, Maryland, and Virginia; and 2 regulated natural gas storage utilities in the United States serving approximately 1.6 million customers.
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