AltaGas (TSE:ALA) Hits New 52-Week High - Still a Buy?

Key Points

• AltaGas hit a new 52-week high — shares reached C$49.34 and last traded at C$49.31 with a volume of 48,784 shares.
• Multiple analysts raised price targets on March 9 (ranges C$50–C$53) and the stock has a consensus rating of Moderate Buy with a consensus target of C$49.89.
• AltaGas raised its quarterly dividend to C$0.334 (annualized C$1.34, yield ~2.7%) and recently reported C$0.77 EPS on C$3.29B revenue, with a payout ratio of about 50.8%.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as C$49.34 and last traded at C$49.31, with a volume of 48784 shares. The stock had previously closed at C$48.67.

Wall Street Analyst Weigh In

ALA has been the topic of several research reports. Royal Bank Of Canada upped their price target on AltaGas from C$48.00 to C$50.00 and gave the company an "outperform" rating in a report on Monday, March 9th. Scotiabank raised their price objective on AltaGas from C$50.00 to C$52.00 and gave the stock an "outperform" rating in a research note on Monday, March 9th. National Bank Financial lifted their target price on AltaGas from C$50.00 to C$51.00 and gave the stock an "outperform" rating in a report on Monday, March 9th. TD Securities boosted their target price 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. Finally, Jefferies Financial Group upped their target price on AltaGas from C$49.00 to C$53.00 in a report on Monday, March 9th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of C$49.89.

AltaGas Stock Up 1.5%

The business's 50 day moving average is C$45.71 and its 200 day moving average is C$43.38. The company has a debt-to-equity ratio of 118.25, a quick ratio of 0.44 and a current ratio of 0.82. The stock has a market cap of C$15.38 billion, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of -4.97 and a beta of 0.34.

AltaGas (TSE:ALA - Get Free Report) last announced its earnings results on Friday, March 6th. The company reported C$0.77 earnings per share (EPS) for the quarter. The company had revenue of C$3.29 billion for the quarter. AltaGas had a net margin of 6.14% and a return on equity of 8.74%. Equities analysts expect 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. Investors of record on Tuesday, March 31st were given a dividend of $0.334 per share. The ex-dividend date of this dividend was Monday, March 16th. This is a positive change from AltaGas's previous quarterly dividend of $0.32. This represents a $1.34 annualized dividend and a yield of 2.7%. AltaGas's payout ratio is presently 50.81%.

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.

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