The Materials sector company, AltaGas (ALA), has received a rating update from a Wall Street analyst today. Analyst Patrick Kenny from National Bank remains neutral on the stock and has a C$17 price target.
According to TipRanks.com, Kenny is a 3-star analyst with an average return of 6.7% and a 87.5% success rate. Kenny covers the Basic Materials sector, focusing on stocks such as Inter Pipeline Ltd, Pembina Pipeline, and Enbridge Inc.
Currently, the analyst consensus on AltaGas is a Hold with an average price target of C$18.13, which is a 3.1% upside from current levels. In a report released today, Raymond James also maintained a Hold rating on the stock with a C$19 price target.
.
Based on AltaGas’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of C$709 million. In comparison, last year the company had a net profit of C$5.4 million.
AltaGas Ltd. engages in the generation and distribution of electricity. It operates through the following segments: Gas, Power and Utilities. The Gas segment business gathers, processes, transports, stores and markets natural gas and natural gas liquids.
The company’s shares closed on Friday at C$17.58.
