AltaGas (TSE:ALA) Reaches New 12-Month High - Here's What Happened

Key Points

• AltaGas Ltd. reached a new 52-week high of C$43.81 during mid-day trading, with the stock last trading at C$43.67.
• Multiple analysts have raised their price targets for AltaGas, with the average price target now at C$44.33 and a consensus rating of "Moderate Buy."
• AltaGas announced a quarterly dividend of $0.315 per share, resulting in an annualized dividend yield of 2.9%.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as C$43.81 and last traded at C$43.67, with a volume of 222075 shares trading hands. The stock had previously closed at C$43.10.

Analyst Ratings Changes

Several analysts recently weighed in on ALA shares. Scotiabank boosted their price objective on shares of AltaGas from C$45.00 to C$46.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Royal Bank Of Canada increased their target price on shares of AltaGas from C$43.00 to C$44.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. National Bankshares raised their price target on shares of AltaGas from C$44.00 to C$45.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. ATB Capital boosted their price objective on shares of AltaGas from C$42.00 to C$43.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Finally, Jefferies Financial Group boosted their price objective on shares of AltaGas from C$40.00 to C$46.00 in a research note on Wednesday, July 23rd. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, AltaGas has an average rating of "Moderate Buy" and an average price target of C$44.33.

AltaGas Stock Up 0.8%

The firm has a market cap of C$13.00 billion, a PE ratio of 16.71, a P/E/G ratio of -4.97 and a beta of 0.18. 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 business's 50-day simple moving average is C$41.66 and its 200 day simple moving average is C$39.78.

AltaGas Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 29th were paid a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, September 16th. AltaGas's payout ratio is presently 47.12%.

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.

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