Altagas (ALA) Rating Increased to Buy at Desjardins

Desjardins upgraded shares of Altagas (TSE:ALA) from a hold rating to a buy rating in a research note published on Wednesday morning. Desjardins currently has C$24.00 target price on the stock, down from their prior target price of C$26.00.

A number of other equities research analysts also recently weighed in on the stock. National Bank Financial dropped their price target on shares of Altagas from C$26.00 to C$18.00 and set a sector perform rating for the company in a research report on Wednesday. BMO Capital Markets dropped their price target on shares of Altagas from C$23.00 to C$20.00 and set a market perform rating for the company in a research report on Wednesday. Raymond James dropped their price target on shares of Altagas from C$22.00 to C$19.00 and set an underperform rating for the company in a research report on Wednesday. Industrial Alliance Securities dropped their price target on shares of Altagas from C$28.50 to C$27.00 in a research report on Monday, October 29th. Finally, CIBC downgraded shares of Altagas from an outperform rating to a neutral rating and dropped their price target for the company from C$30.00 to C$24.00 in a research report on Friday, October 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of C$22.90.

Shares of ALA stock opened at C$15.27 on Wednesday. Altagas has a 12-month low of C$14.58 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 the Thomson Reuters’ consensus estimate of C$0.11 by C$0.02. The company had revenue of C$610.00 million for the quarter, compared to analyst estimates of C$627.43 million.

The firm also recently declared a monthly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, November 26th will be given a $0.183 dividend. The ex-dividend date of this dividend is Friday, November 23rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 14.38%.

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

Altagas Company Profile

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.

See Also: Cost of Debt

Analyst Recommendations for Altagas (TSE:ALA)

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