Scotiabank Thinks AltaGas’ Stock is Going to Recover


The Materials sector company, AltaGas (TSX: ALA), has received a rating update from a Wall Street analyst on October 30. The company received a Buy on October 30 from Scotiabank’s analyst Robert Hope, with a C$22 price target.

According to TipRanks.com, Hope is a 2-star analyst with an average return of 0.7% and a 47.0% success rate. Hope covers the Basic Materials sector, focusing on stocks such as Inter Pipeline Ltd, Gibson Energy Inc, and Pembina Pipeline.

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The word on The Street in general, suggests a Moderate Buy analyst consensus rating for AltaGas with a C$22.75 average price target, which is a 37.5% upside from current levels. In a report issued on October 26, TD Securities also reiterated a Buy rating on the stock with a C$25 price target.

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AltaGas’ market cap is currently C$4.45B and has a P/E ratio of 50.5. The company has a Price to Book ratio of 0.86.

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 Wednesday at C$16.55, close to its 52-week low of C$15.70.

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