CIBC Increases AltaGas (TSE:ALA) Price Target to C$42.00

AltaGas (TSE:ALA) had its price target upped by research analysts at CIBC from C$40.00 to C$42.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. CIBC’s target price suggests a potential upside of 23.49% from the stock’s previous close.

Several other research firms also recently commented on ALA. Scotiabank upped their target price on shares of AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. cut shares of AltaGas from an “overweight” rating to a “neutral” rating and upped their price target for the stock from C$36.00 to C$37.00 in a research report on Wednesday, October 23rd. Royal Bank of Canada upped their target price on AltaGas from C$37.00 to C$40.00 and gave the stock an “outperform” rating in a report on Thursday, October 3rd. ATB Capital set a C$36.00 price target on AltaGas and gave the company an “outperform” rating in a report on Tuesday, September 24th. Finally, Jefferies Financial Group raised their price target on shares of AltaGas from C$37.00 to C$39.00 and gave the company a “buy” rating in a report on Monday, September 30th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$38.30.

AltaGas Trading Down 0.3 %

ALA stock traded down C$0.11 during midday trading on Thursday, hitting C$34.01. The company had a trading volume of 85,689 shares, compared to its average volume of 634,484. The stock’s 50 day moving average price is C$33.62 and its 200 day moving average price is C$33.06. The stock has a market cap of C$10.11 billion, a price-to-earnings ratio of 23.46, a PEG ratio of -4.97 and a beta of 1.23. The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50. AltaGas has a 52 week low of C$26.91 and a 52 week high of C$35.77.

Insider Buying and Selling

In related news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of AltaGas stock in a transaction dated Friday, December 13th. The stock was acquired at an average cost of C$32.97 per share, with a total value of C$250,549.20. 0.58% of the stock is owned by company insiders.

About AltaGas

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.