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

AltaGas (TSE:ALA - Get Free Report) had its target price increased by equities 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 currently has an "outperform" rating on the stock. CIBC's price target would indicate a potential upside of 23.75% from the company's previous close.

ALA has been the topic of a number of other research reports. Jefferies Financial Group upped their target price on AltaGas from C$37.00 to C$39.00 and gave the stock a "buy" rating in a research note on Monday, September 30th. Scotiabank upped their price objective on AltaGas from C$38.00 to C$39.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. lowered shares of AltaGas from an "overweight" rating to a "neutral" rating and lifted their target price for the company from C$36.00 to C$37.00 in a report on Wednesday, October 23rd. Royal Bank of Canada increased their price target on shares of AltaGas from C$37.00 to C$40.00 and gave the stock an "outperform" rating in a report on Thursday, October 3rd. Finally, ATB Capital set a C$36.00 price objective on shares of AltaGas and gave the company an "outperform" rating in a report on Tuesday, September 24th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of C$38.30.

AltaGas Stock Performance

Shares of ALA traded down C$0.18 during trading hours on Thursday, reaching C$33.94. 1,028,592 shares of the company traded hands, compared to its average volume of 792,229. The stock has a market capitalization of C$10.09 billion, a P/E ratio of 23.41, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. The business has a fifty day moving average price of C$33.62 and a 200-day moving average price of C$33.06. AltaGas has a 12-month low of C$26.91 and a 12-month high of C$35.77.

Insider Buying and Selling at AltaGas

In related news, Senior Officer Vernon Dai-Chung Yu acquired 7,600 shares of AltaGas stock in a transaction that occurred on Friday, December 13th. The shares were purchased at an average price of C$32.97 per share, for a total transaction of C$250,549.20. 0.58% of the stock is currently owned by 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.