National Bank Financial Trims Altagas (ALA) Target Price to C$18.00

Altagas (TSE:ALA) had its price target cut by research analysts at National Bank Financial from C$26.00 to C$18.00 in a report released on Wednesday. The firm currently has a “sector perform” rating on the stock. National Bank Financial’s target price indicates a potential upside of 13.35% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the company. BMO Capital Markets reduced their price objective on Altagas from C$23.00 to C$20.00 and set a “market perform” rating for the company in a report on Wednesday. Raymond James reduced their price objective on Altagas from C$22.00 to C$19.00 and set an “underperform” rating for the company in a report on Wednesday. Industrial Alliance Securities reduced their price objective on Altagas from C$28.50 to C$27.00 in a report on Monday. CIBC cut Altagas from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from C$30.00 to C$24.00 in a report on Friday, October 26th. Finally, TD Securities reduced their price objective on Altagas from C$32.00 to C$25.00 and set a “buy” rating for the company in a report on Friday, October 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of C$22.90.

Shares of TSE:ALA opened at C$15.88 on Wednesday. Altagas has a 12-month low of C$15.69 and a 12-month high of C$30.06.

Altagas (TSE:ALA) last issued its quarterly earnings data on Wednesday, August 1st. The company reported C$0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.11 by C$0.02. Altagas had a negative return on equity of 5.43% and a negative net margin of 3.60%. The company had revenue of C$610.00 million during the quarter, compared to analysts’ expectations of C$627.43 million.

In related news, insider Jared Blake Green sold 4,750 shares of the business’s stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of C$21.02, for a total value of C$99,845.00. Also, Director Phillip R. Knoll purchased 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The stock was bought at an average price of C$20.91 per share, with a total value of C$52,275.00.

About Altagas

AltaGas Ltd. operates as a diversified energy infrastructure company in North America. It operates through three segments: Gas, Power, and Utilities. The Gas segment engages in natural gas gathering and processing; natural gas liquids (NGL) extraction and separation, transmission, and storage; and natural gas and NGL marketing activities, as well as buying and selling natural gas.

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Analyst Recommendations for Altagas (TSE:ALA)

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