AltaGas (TSE:ALA) Sets New 1-Year High - Here's Why

Key Points

• AltaGas hit a new 52-week high, trading as high as C$49.09 and last at C$48.87 on a volume of about 69,562 shares.
• Several analysts raised targets on March 9 (TD to C$51, ATB Cormark C$52, Scotiabank C$52, RBC C$50, Jefferies C$53), leaving a consensus price target of C$49.89 and an overall rating of "Moderate Buy" (seven Buys, one Sell).
• AltaGas increased its quarterly dividend to $0.334 (annualized $1.34, yield 2.7%, ex-dividend March 16, payable March 31); the company reported quarterly EPS of C$0.77 and has a market cap of C$15.23 billion with a P/E of 19.73.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price hit a new 52-week high on Monday . The stock traded as high as C$49.09 and last traded at C$48.87, with a volume of 69562 shares changing hands. The stock had previously closed at C$48.55.

Analyst Ratings Changes

A number of research analysts have recently commented on ALA shares. TD Securities raised their price target on AltaGas from C$48.00 to C$51.00 and gave the company a "buy" rating in a report on Monday, March 9th. ATB Cormark Capital Markets raised their target price on shares of AltaGas from C$49.00 to C$52.00 and gave the company an "outperform" rating in a research note on Monday, March 9th. Scotiabank upped their price target on shares of AltaGas from C$50.00 to C$52.00 and gave the stock an "outperform" rating in a research note on Monday, March 9th. Royal Bank Of Canada increased their price objective on shares of AltaGas from C$48.00 to C$50.00 and gave the company an "outperform" rating in a report on Monday, March 9th. Finally, Jefferies Financial Group boosted their target price on AltaGas from C$49.00 to C$53.00 in a report on Monday, March 9th. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of C$49.89.

AltaGas Stock Performance

The company's 50-day moving average price is C$44.97 and its two-hundred day moving average price is C$43.13. The company has a market cap of C$15.23 billion, a P/E ratio of 19.73, a price-to-earnings-growth ratio of -4.97 and a beta of 0.49. The company has a current ratio of 0.82, a quick ratio of 0.44 and a debt-to-equity ratio of 118.25.

AltaGas (TSE:ALA - Get Free Report) last announced its quarterly earnings data on Friday, March 6th. The company reported C$0.77 earnings per share (EPS) for the quarter. AltaGas had a net margin of 6.14% and a return on equity of 8.74%. The company had revenue of C$3.29 billion for the quarter. As a group, equities analysts forecast that AltaGas Ltd. will post 2.3006093 earnings per share for the current year.

AltaGas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st will be given a $0.334 dividend. This represents a $1.34 annualized dividend and a yield of 2.7%. This is a positive change from AltaGas's previous quarterly dividend of $0.32. The ex-dividend date is Monday, March 16th. AltaGas's dividend payout ratio (DPR) is presently 50.81%.

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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