AltaGas (TSE:ALA) Sets New 12-Month High – Here’s Why

AltaGas Ltd. (TSE:ALA)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$54.58 and last traded at C$53.03, with a volume of 836125 shares traded. The stock had previously closed at C$53.87.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ALA shares. 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 research report on Monday, March 9th. ATB Cormark Capital Markets lifted their price objective on AltaGas from C$54.00 to C$56.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. National Bank Financial lifted their price objective on AltaGas from C$51.00 to C$52.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Royal Bank Of Canada lifted their price objective on AltaGas from C$50.00 to C$55.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Finally, Jefferies Financial Group lifted their price objective on AltaGas from C$49.00 to C$53.00 in a research report on Monday, March 9th. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of C$53.25.

AltaGas Price Performance

The company has a fifty day simple moving average of C$49.78 and a two-hundred day simple moving average of C$45.24. The company has a debt-to-equity ratio of 115.95, a quick ratio of 0.44 and a current ratio of 0.88. The company has a market capitalization of C$16.92 billion, a price-to-earnings ratio of 33.12, a P/E/G ratio of -4.97 and a beta of 0.38.

AltaGas (TSE:ALA) last issued 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%. As a group, research analysts anticipate that AltaGas Ltd. will post 2.3006093 earnings per share for the current year.

AltaGas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were issued a $0.334 dividend. This is a boost from AltaGas’s previous quarterly dividend of $0.32. The ex-dividend date was Monday, March 16th. This represents a $1.34 annualized dividend and a yield of 2.5%. AltaGas’s payout ratio is presently 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.