Altagas (ALA) Price Target Cut to C$27.00

Altagas (TSE:ALA) had its target price reduced by Industrial Alliance Securities from C$28.50 to C$27.00 in a research note issued on Monday. Industrial Alliance Securities’ price target would indicate a potential upside of 62.06% from the stock’s current price.

A number of other research analysts also recently commented on ALA. CIBC downgraded Altagas from an “outperform” rating to a “neutral” rating and reduced their price target for the company from C$30.00 to C$24.00 in a report on Friday, October 26th. TD Securities reduced their price target 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. Raymond James reduced their price target on Altagas from C$24.00 to C$22.00 in a report on Friday, October 5th. BMO Capital Markets reduced their price target on Altagas from C$26.00 to C$23.00 in a report on Monday, September 17th. Finally, Canaccord Genuity reduced their price target on Altagas from C$26.00 to C$24.00 in a report on Friday, September 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of C$25.56.

Shares of TSE ALA opened at C$16.66 on Monday. Altagas has a 1-year low of C$16.43 and a 1-year high of C$30.06.

Altagas (TSE:ALA) last issued its earnings results on Wednesday, August 1st. The company reported C$0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 the consensus estimate of C$627.43 million.

In other Altagas news, insider Jared Blake Green sold 4,750 shares of the company’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 transaction of C$99,845.00. Also, Director Phillip R. Knoll acquired 2,500 shares of the business’s stock in a transaction on Tuesday, September 25th. The shares were purchased at an average price of C$20.91 per share, for a total transaction 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.

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Analyst Recommendations for Altagas (TSE:ALA)

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