AltaGas (TSE:ALA) Sets New 1-Year High – Here’s What Happened

AltaGas Ltd. (TSE:ALA) shares reached a new 52-week high during trading on Wednesday . The company traded as high as C$55.12 and last traded at C$54.99, with a volume of 253508 shares changing hands. The stock had previously closed at C$53.92.

Analyst Ratings Changes

A number of research firms have weighed in on ALA. National Bank Financial increased their price objective on AltaGas from C$52.00 to C$60.00 and gave the stock an “outperform” rating in a research report on Monday. Scotiabank raised their price objective on AltaGas from C$54.00 to C$57.00 and gave the company a “sector outperform” rating in a research note on Friday, May 1st. Royal Bank Of Canada raised their price objective on AltaGas from C$50.00 to C$55.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. ATB Cormark Capital Markets raised their price objective on AltaGas from C$54.00 to C$56.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Finally, TD Securities raised their price objective on AltaGas from C$48.00 to C$51.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of C$54.25.

AltaGas Stock Up 1.8%

The company has a debt-to-equity ratio of 115.95, a current ratio of 0.88 and a quick ratio of 0.44. The firm has a 50-day simple moving average of C$50.47 and a two-hundred day simple moving average of C$45.79. The company has a market cap of C$17.11 billion, a PE ratio of 33.48, a P/E/G ratio of -4.97 and a beta of 0.38.

AltaGas (TSE:ALA) last released its quarterly earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share for the quarter. The company had revenue of C$3.97 billion during the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%. Research analysts anticipate that AltaGas Ltd. will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st were given a $0.334 dividend. This is an increase from AltaGas’s previous quarterly dividend of $0.32. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, March 16th. AltaGas’s dividend payout ratio (DPR) is presently 77.99%.

AltaGas Company Profile

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage. Natural gas is sold and purchased for both commercial and industrial users.