Canaccord Genuity Remains a Hold on AltaGas

By Ryan Adsit

Wall Street analyst has provided a rating update for the Materials sector company yesterday, while remaining neutral on the stock. AltaGas (TSX: ALA) received a Hold rating from Canaccord Genuity’s analyst David Galison, with a C$26 price target.

Galison has an average return of 3.5% when recommending AltaGas.

According to TipRanks.com, Galison is ranked #1084 out of 4830 analysts.

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AltaGas has an analyst consensus of Moderate Buy, with a price target consensus of C$28.75.

Based on AltaGas’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$65.2 million. In comparison, last year the company had a net profit of C$45.4 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 Wednesday at C$25.79.