AltaGas (TSE:ALA) Sets New 52-Week High - Here's Why

Shares of AltaGas Ltd. (TSE:ALA - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as C$41.00 and last traded at C$40.77, with a volume of 694781 shares. The stock had previously closed at C$40.05.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ALA. JPMorgan Chase & Co. increased their price objective on AltaGas from C$39.00 to C$41.00 in a report on Monday, April 21st. Veritas raised AltaGas to a "strong sell" rating in a research report on Friday, May 2nd. Royal Bank Of Canada lifted their price objective on AltaGas from C$40.00 to C$43.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. CIBC boosted their price objective on shares of AltaGas from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Finally, Jefferies Financial Group upped their target price on shares of AltaGas from C$38.00 to C$40.00 in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of C$41.70.

AltaGas Stock Performance

The company has a market capitalization of C$12.02 billion, a P/E ratio of 23.40, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. 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's 50 day moving average is C$38.58 and its 200-day moving average is C$37.40.

AltaGas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were given a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a dividend yield of 3.12%. The ex-dividend date was Monday, June 16th. AltaGas's payout ratio is currently 68.98%.

Insider Activity

In other news, Senior Officer Donald Mark Jenkins sold 1,800 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of C$39.02, for a total transaction of C$70,236.00. Corporate insiders own 0.58% of the company's stock.

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.