AltaGas (TSE:ALA) Reaches New 12-Month High – What’s Next?

AltaGas Ltd. (TSE:ALA)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as C$43.81 and last traded at C$43.67, with a volume of 222075 shares. The stock had previously closed at C$43.10.

Analyst Ratings Changes

Several research firms have issued reports on ALA. Jefferies Financial Group lifted their price target on shares of AltaGas from C$40.00 to C$46.00 in a research report on Wednesday, July 23rd. Royal Bank Of Canada raised their price objective on shares of AltaGas from C$43.00 to C$44.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 5th. ATB Capital raised their price objective on shares of AltaGas from C$42.00 to C$43.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 5th. TD Securities raised their price objective on shares of AltaGas from C$45.00 to C$48.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Finally, National Bankshares raised their price objective on shares of AltaGas from C$44.00 to C$45.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 5th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, AltaGas currently has a consensus rating of “Moderate Buy” and a consensus price target of C$44.33.

AltaGas Stock Up 0.8%

The business’s 50 day simple moving average is C$41.66 and its 200-day simple moving average is C$39.79. The company has a market cap of C$13.00 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of -4.97 and a beta of 0.18. The company has a debt-to-equity ratio of 135.26, a quick ratio of 0.44 and a current ratio of 1.03.

AltaGas Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 29th were paid a dividend of $0.315 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.9%. AltaGas’s dividend payout ratio (DPR) is 47.12%.

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.