AltaGas (TSE:ALA) Hits New 52-Week High – Time to Buy?

Shares of AltaGas Ltd. (TSE:ALA) hit a new 52-week high during trading on Thursday . The company traded as high as C$54.75 and last traded at C$54.69, with a volume of 320560 shares. The stock had previously closed at C$53.95.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Jefferies Financial Group increased their price objective on shares of AltaGas from C$49.00 to C$53.00 in a research report on Monday, March 9th. JPMorgan Chase & Co. boosted their target price on shares of AltaGas from C$49.00 to C$52.00 in a research note on Tuesday, April 14th. National Bank Financial raised their price target on AltaGas from C$51.00 to C$52.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. TD Securities lifted their price objective on AltaGas from C$48.00 to C$51.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Finally, Scotiabank upped their price objective on AltaGas from C$54.00 to C$57.00 and gave the company a “sector outperform” rating in a research report on Friday, May 1st. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, AltaGas presently has an average rating of “Buy” and an average price target of C$53.25.

AltaGas Stock Performance

The business has a fifty day simple moving average of C$50.13 and a two-hundred day simple moving average of C$45.55. The company has a quick ratio of 0.44, a current ratio of 0.88 and a debt-to-equity ratio of 115.95. The company has a market cap of C$16.93 billion, a P/E ratio of 33.13, a P/E/G ratio of -4.97 and a beta of 0.38.

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

AltaGas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st were paid a $0.334 dividend. This represents a $1.34 annualized dividend and a dividend yield of 2.5%. This is an increase from AltaGas’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Monday, March 16th. AltaGas’s dividend payout ratio is 77.99%.

About AltaGas

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.