RBC Capital Sticks to Their Hold Rating for AltaGas

By Jason Carr

AltaGas (TSX: ALA), the Materials sector company was revisited yesterday, yet the Wall Street analyst remains currently on the sidelines. Analyst Robert Kwan from RBC Capital rated AltaGas (TSX: ALA) a Hold, setting a C$33 price target.

According to TipRanks.com, Kwan is a 5-star analyst with an average return of 10.9% and a 69.0% success rate. Kwan covers the Utilities sector, focusing on stocks such as Brookfield Infrastructure, Pattern Energy, and TransAlta.

Currently, the analyst consensus on AltaGas is Moderate Buy and the average price target is C$34.18, representing a 19.1% upside.

In a report issued on July 20, Desjardins also reiterated a Hold rating on the stock with a C$32 price target.

The company has a one year high of C$35.55 and a one year low of C$28.69. Currently, AltaGas has an average volume of 529.7K.

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$28.71, close to its 52-week high of C$35.55.