AltaGas (TSE:ALA) Hits New 12-Month High – Here’s What Happened

AltaGas Ltd. (TSE:ALA)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as C$45.79 and last traded at C$45.40, with a volume of 545182 shares. The stock had previously closed at C$45.18.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ALA. Canadian Imperial Bank of Commerce lifted their price target on AltaGas from C$47.00 to C$50.00 in a research report on Wednesday, December 17th. Royal Bank Of Canada raised their target price on shares of AltaGas from C$44.00 to C$48.00 in a research note on Friday, October 31st. ATB Cormark Capital Markets boosted their price target on shares of AltaGas from C$48.00 to C$49.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 23rd. National Bank Financial increased their price target on shares of AltaGas from C$46.00 to C$50.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of AltaGas from C$45.00 to C$47.00 in a report on Wednesday, December 3rd. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$48.11.

AltaGas Price Performance

The stock has a market capitalization of C$14.12 billion, a PE ratio of 18.23, a P/E/G ratio of -4.97 and a beta of 0.37. The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44. The firm’s 50 day simple moving average is C$42.08 and its 200 day simple moving average is C$42.12.

AltaGas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were issued a dividend of $0.315 per share. The ex-dividend date was Tuesday, December 16th. This represents a $1.26 annualized dividend and a yield of 2.8%. AltaGas’s dividend payout ratio is currently 49.90%.

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.