AltaGas (TSE:ALA) Hits New 52-Week High Following Analyst Upgrade

AltaGas Ltd. (TSE:ALA)’s stock price hit a new 52-week high during trading on Thursday after BMO Capital Markets raised their price target on the stock from C$37.00 to C$40.00. The stock traded as high as C$34.83 and last traded at C$34.79, with a volume of 66200 shares. The stock had previously closed at C$34.27.

Several other equities analysts have also recently weighed in on ALA. National Bankshares raised their target price on shares of AltaGas from C$36.00 to C$39.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. CIBC lifted their price target on shares of AltaGas from C$38.00 to C$40.00 in a research report on Monday, July 15th. ATB Capital raised their price objective on AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a research note on Thursday, May 30th. Raymond James upped their target price on AltaGas from C$35.00 to C$37.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. raised their price target on AltaGas from C$33.00 to C$36.00 in a research report on Friday, July 19th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of C$37.40.

Insider Buying and Selling at AltaGas

In related news, Senior Officer Randy Warren Toone sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total transaction of C$101,460.00. In other AltaGas news, Director Aaron Bishop sold 19,820 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total value of C$665,555.60. Also, Senior Officer Randy Warren Toone sold 3,000 shares of AltaGas stock in a transaction on Thursday, August 29th. The stock was sold at an average price of C$33.82, for a total transaction of C$101,460.00. Over the last 90 days, insiders have acquired 20,500 shares of company stock worth $627,795 and have sold 66,970 shares worth $2,125,503. Company insiders own 0.58% of the company’s stock.

AltaGas Price Performance

The business’s 50-day simple moving average is C$32.38 and its two-hundred day simple moving average is C$30.67. The firm has a market cap of C$10.19 billion, a price-to-earnings ratio of 23.56, a P/E/G ratio of -4.97 and a beta of 1.24. The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50.

AltaGas (TSE:ALA) last announced its earnings results on Thursday, August 1st. The company reported C$0.14 EPS for the quarter, beating the consensus estimate of C$0.12 by C$0.02. The company had revenue of C$2.78 billion for the quarter, compared to analyst estimates of C$2.54 billion. AltaGas had a return on equity of 5.78% and a net margin of 3.58%. As a group, research analysts expect that AltaGas Ltd. will post 2.1087355 EPS for the current fiscal year.

AltaGas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 16th will be paid a $0.298 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.19 annualized dividend and a dividend yield of 3.48%. AltaGas’s dividend payout ratio is currently 82.07%.

AltaGas Company Profile

AltaGas Ltd. operates as an energy infrastructure company in North America. The company operates through Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.6 million customers.