What’s Ahead for Altagas Ltd After Today’s Gap Up?

 What's Ahead for Altagas Ltd After Today's Gap Up?

The stock of Altagas Ltd (TSE:ALA) gapped up by $0.16 today and has $55.16 target or 66.00% above today’s $33.23 share price. The 5 months technical chart setup indicates low risk for the $5.51 billion company. The gap was reported on Nov, 21 by Barchart.com. If the $55.16 price target is reached, the company will be worth $3.64 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 199,704 shares traded hands. Altagas Ltd (TSE:ALA) has risen 2.54% since April 15, 2016 and is uptrending. It has underperformed by 1.32% the S&P500.

Altagas Ltd (TSE:ALA) Ratings Coverage

Out of 8 analysts covering AltaGas Ltd. (TSE:ALA), 4 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 50% are positive. $47 is the highest target while $31 is the lowest. The $35.60 average target is 7.13% above today’s ($33.23) stock price. AltaGas Ltd. has been the topic of 33 analyst reports since July 31, 2015 according to StockzIntelligence Inc. National Bank Canada maintained it with “Sector Perform” rating and $34 target price in Tuesday, June 7 report. RBC Capital Markets maintained the shares of ALA in a report on Tuesday, June 7 with “Sector Perform” rating. The firm earned “Buy” rating on Tuesday, June 28 by TD Securities. The firm has “Sector Perform” rating by IBC given on Tuesday, June 7. The stock has “Buy” rating given by Canaccord Genuity on Friday, October 2. The stock of Altagas Ltd (TSE:ALA) has “Buy” rating given on Friday, October 2 by TD Securities. GMP Securities downgraded Altagas Ltd (TSE:ALA) on Friday, October 21 to “Hold” rating. The firm has “Sector Perform” rating by National Bank Canada given on Monday, January 25. The firm has “Buy” rating given on Monday, October 24 by Desjardins Securities. BMO Capital Markets initiated the stock with “Market Perform” rating in Friday, October 23 report.

More notable recent Altagas Ltd (TSE:ALA) news were published by: Fool.ca which released: “Dividend Investors: Is Altagas Ltd. or Inter Pipeline Ltd. a Better Pick Today?” on November 21, 2016, also Business.Financialpost.com with their article: “AltaGas Ltd lays off 70 workers, expected to result in savings of $7 million a …” published on July 21, 2016, Fool.ca published: “Can You Get a Safe Income From Altagas Ltd.?” on September 28, 2016. More interesting news about Altagas Ltd (TSE:ALA) were released by: Fool.ca and their article: “5 Top Reasons to Invest in Altagas Ltd.” published on August 18, 2016 as well as Marketwired.com‘s news article titled: “AltaGas Ltd. Announces Close of GWF Acquisition” with publication date: November 30, 2015.

AltaGas Ltd. is a Canada-based energy infrastructure company. The company has a market cap of $5.51 billion. The Firm operates through three divisions: Gas, Power and Utilities. It has a 85.26 P/E ratio. The Gas segment transacts approximately two billion cubic feet per day of natural gas and includes natural gas gathering and processing, natural gas liquids extraction and separation, transmission, storage and natural gas marketing, as well as its interest in Petrogas Energy Corp.

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