AltaGas (TSE:ALA) Reaches New 12-Month High - Time to Buy?

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

Wall Street Analysts Forecast Growth

ALA has been the topic of several research reports. Scotiabank upped their price objective on AltaGas from C$42.00 to C$45.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. TD Securities upgraded AltaGas to a "strong-buy" rating and set a C$45.00 target price for the company in a report on Friday, June 27th. Jefferies Financial Group increased their price objective on AltaGas from C$38.00 to C$40.00 in a report on Wednesday, April 30th. Royal Bank Of Canada raised their price target on AltaGas from C$40.00 to C$43.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. increased their target price on shares of AltaGas from C$39.00 to C$41.00 in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, AltaGas currently has a consensus rating of "Moderate Buy" and an average target price of C$41.70.

AltaGas Trading Up 1.7%

The company has a quick ratio of 0.44, a current ratio of 1.03 and a debt-to-equity ratio of 135.26. The firm's 50 day simple moving average is C$38.46 and its two-hundred day simple moving average is C$37.24. The stock has a market capitalization of C$12.13 billion, a P/E ratio of 23.61, a P/E/G ratio of -4.97 and a beta of 1.23.

AltaGas Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were given a $0.315 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $1.26 annualized dividend and a dividend yield of 3.09%. AltaGas's dividend payout ratio is 68.98%.

Insiders Place Their Bets

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.