AltaGas (TSE:ALA) Reaches New 52-Week High Following Analyst Upgrade

Key Points

• AltaGas hit a new 52-week high of C$52.77 after Scotiabank raised its price target to C$57 and maintained a sector outperform rating.
• Multiple analysts (TD, RBC, ATB Cormark, National Bank, JPMorgan) have increased targets, leaving the stock with a consensus Buy rating and a consensus target price of C$53.25.
• AltaGas reported quarterly EPS of C$1.33 on C$3.97 billion in revenue and raised its quarterly dividend to $0.334 (annualized $1.34), implying a ~2.5% yield and a payout ratio near 78%.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price hit a new 52-week high during trading on Monday after Scotiabank raised their price target on the stock from C$54.00 to C$57.00. Scotiabank currently has a sector outperform rating on the stock. AltaGas traded as high as C$52.77 and last traded at C$52.77, with a volume of 113663 shares trading hands. The stock had previously closed at C$52.20.

A number of other equities research analysts also recently issued reports on ALA. TD Securities upped their price objective on AltaGas from C$48.00 to C$51.00 and gave the company a "buy" rating in a research report on Monday, March 9th. Royal Bank Of Canada increased their price target on AltaGas from C$50.00 to C$55.00 and gave the stock an "outperform" rating in a report on Friday. ATB Cormark Capital Markets increased their price target on AltaGas from C$54.00 to C$56.00 and gave the stock an "outperform" rating in a report on Friday. National Bank Financial increased their price target on AltaGas from C$51.00 to C$52.00 and gave the stock an "outperform" rating in a report on Friday. Finally, JPMorgan Chase & Co. increased their price target on AltaGas from C$49.00 to C$52.00 in a report on Tuesday, April 14th. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of C$53.25.

AltaGas Price Performance

The firm has a fifty day simple moving average of C$48.13 and a 200 day simple moving average of C$44.25. The company has a market capitalization of C$16.44 billion, a PE ratio of 32.21, a P/E/G ratio of -4.97 and a beta of 0.34. The company has a debt-to-equity ratio of 115.95, a quick ratio of 0.44 and a current ratio of 0.88.

AltaGas (TSE:ALA - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported C$1.33 EPS for the quarter. The company had revenue of C$3.97 billion for the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%. Equities analysts anticipate that AltaGas Ltd. will post 2.3006093 EPS for the current year.

AltaGas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were given a dividend of $0.334 per share. This is a boost from AltaGas's previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Monday, March 16th. This represents a $1.34 annualized dividend and a yield of 2.5%. AltaGas's payout ratio is 77.99%.

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. Natural gas is sold and purchased for both commercial and industrial users.

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