AltaGas Canada (TSE:ACI) Hits New 1-Year High Following Analyst Upgrade

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AltaGas Canada Inc (TSE:ACI) reached a new 52-week high during trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from C$23.00 to C$33.50. The company traded as high as C$33.30 and last traded at C$33.26, with a volume of 523848 shares traded. The stock had previously closed at C$33.15.

A number of other analysts also recently commented on ACI. TD Securities boosted their target price on shares of AltaGas Canada from C$19.50 to C$25.00 and gave the stock a “hold” rating in a report on Monday, August 12th. Royal Bank of Canada downgraded shares of AltaGas Canada from an “outperform” rating to a “sector perform” rating and lifted their target price for the stock from C$33.00 to C$33.50 in a research report on Tuesday. National Bank Financial lifted their target price on shares of AltaGas Canada from C$20.00 to C$25.00 and gave the stock a “sector perform” rating in a research report on Friday, August 9th. Finally, CIBC lifted their target price on shares of AltaGas Canada from C$31.00 to C$33.50 in a research report on Tuesday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. AltaGas Canada currently has a consensus rating of “Hold” and an average price target of C$28.79.

The company has a 50-day moving average of C$25.38. The stock has a market capitalization of $744.60 million and a price-to-earnings ratio of 22.47. The company has a quick ratio of 0.57, a current ratio of 0.72 and a debt-to-equity ratio of 104.23.

AltaGas Canada (TSE:ACI) last released its earnings results on Thursday, August 8th. The company reported C$0.13 earnings per share for the quarter, missing the consensus estimate of C$0.14 by C($0.01). The firm had revenue of C$61.30 million for the quarter, compared to analyst estimates of C$61.65 million. Analysts anticipate that AltaGas Canada Inc will post 1.5190846 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, August 30th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Thursday, August 29th. AltaGas Canada’s dividend payout ratio (DPR) is currently 43.88%.

About AltaGas Canada (TSE:ACI)

AltaGas Canada Inc, a natural gas distribution utility company, provides rate-regulated utility services in northern British Columbia. It operates in Renewable Energy and Utilities segments. The company also holds interest in the Bear Mountain Wind Park, a 102 MW generating wind facility consisting of 34 turbines, a substation, and transmission and collector lines; and the northwest hydro facilities located in Tahltan first nation territory of Vancouver, British Columbia.

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