AltaGas (TSE:ALA) Reaches New 1-Year High - Still a Buy?

Key Points

• AltaGas Ltd.'s stock reached a new 52-week high, trading at C$42.33 with a volume of 320,898 shares.
• Multiple analysts have upgraded their price targets for AltaGas, with the average target now at C$44.33 and seven analysts rating it a Buy.
• The company declared a quarterly dividend of $0.315, representing a yield of 3.0%, to be paid on September 29th.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price reached a new 52-week high during trading on Friday . The stock traded as high as C$42.35 and last traded at C$42.33, with a volume of 320898 shares traded. The stock had previously closed at C$41.42.

Analyst Ratings Changes

A number of analysts have weighed in on ALA shares. TD Securities boosted their price target on AltaGas from C$45.00 to C$48.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Jefferies Financial Group raised their price objective on AltaGas from C$40.00 to C$46.00 in a research note on Wednesday, July 23rd. Scotiabank upped their target price on AltaGas from C$45.00 to C$46.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. ATB Capital lifted their price target 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, National Bankshares upped their price objective on shares of AltaGas from C$44.00 to C$45.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, AltaGas has a consensus rating of "Moderate Buy" and a consensus price target of C$44.33.

AltaGas Price Performance

The company has a market cap of C$12.69 billion, a price-to-earnings ratio of 16.32, a price-to-earnings-growth 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 company has a fifty day moving average price of C$41.18 and a two-hundred day moving average price of C$39.49.

AltaGas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 29th will be paid a $0.315 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 3.0%. AltaGas's dividend payout ratio is currently 47.12%.

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.