AltaGas (TSE:ALA) Hits New 12-Month High – Should You Buy?

AltaGas Ltd. (TSE:ALA) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$45.37 and last traded at C$44.86, with a volume of 886307 shares changing hands. The stock had previously closed at C$44.95.

Analyst Ratings Changes

ALA has been the subject of several research reports. Royal Bank Of Canada upped their price target on shares of AltaGas from C$44.00 to C$48.00 in a research report on Friday, October 31st. National Bank Financial boosted their target price on AltaGas from C$46.00 to C$50.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. ATB Cormark Capital Markets increased their price target on AltaGas from C$48.00 to C$49.00 and gave the stock an “outperform” rating in a report on Tuesday, December 23rd. Jefferies Financial Group boosted their price target on shares of AltaGas from C$47.00 to C$48.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, Scotiabank increased their price target on shares of AltaGas from C$48.00 to C$50.00 in a report on Tuesday, December 16th. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, AltaGas presently has a consensus rating of “Moderate Buy” and a consensus price target of C$48.11.

AltaGas Stock Up 0.2%

The firm has a 50 day moving average of C$42.01 and a two-hundred day moving average of C$42.07. The company has a current ratio of 1.03, a quick ratio of 0.44 and a debt-to-equity ratio of 135.26. The stock has a market capitalization of C$14.06 billion, a PE ratio of 18.14, a P/E/G ratio of -4.97 and a beta of 0.37.

AltaGas Announces Dividend

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