The stock of Altagas Ltd (TSE:ALA) gapped down by $0.08 today and has $29.43 target or 8.00% below today’s $31.99 share price. The 7 months technical chart setup indicates high risk for the $5.30B company. The gap down was reported on Nov, 29 by Barchart.com. If the $29.43 price target is reached, the company will be worth $424.00M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 83,898 shares traded hands. Altagas Ltd (TSE:ALA) has risen 8.18% since April 25, 2016 and is uptrending. It has outperformed by 2.92% 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 11.28% above today’s ($31.99) stock price. AltaGas Ltd. has been the topic of 33 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The rating was maintained by TD Securities with “Buy” on Tuesday, June 28. The stock of Altagas Ltd (TSE:ALA) earned “Sector Perform” rating by RBC Capital Markets on Tuesday, June 7. The rating was initiated by BMO Capital Markets with “Market Perform” on Friday, October 23. As per Tuesday, June 7, the company rating was maintained by IBC. The stock of Altagas Ltd (TSE:ALA) earned “Buy” rating by Canaccord Genuity on Friday, October 2. TD Securities reinitiated the stock with “Buy” rating in Friday, October 2 report. As per Monday, January 25, the company rating was downgraded by National Bank Canada. National Bank Canada maintained Altagas Ltd (TSE:ALA) rating on Tuesday, June 7. National Bank Canada has “Sector Perform” rating and $34 price target. The firm has “Buy” rating given on Monday, October 24 by Desjardins Securities. The stock of Altagas Ltd (TSE:ALA) has “Hold” rating given on Friday, October 21 by GMP Securities.
More notable recent Altagas Ltd (TSE:ALA) news were published by: Marketwired.com which released: “AltaGas Ltd. Reports Strong Second Quarter Results and Increases Dividend 6.1 …” on July 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 Chief Executive Officer Succession” with publication date: October 28, 2015.
AltaGas Ltd. is a Canada-based energy infrastructure company. The company has a market cap of $5.30 billion. The Firm operates through three divisions: Gas, Power and Utilities. It has a 82.08 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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