AltaGas (TSE:ALA) Sets New 52-Week High on Analyst Upgrade

Key Points

• AltaGas Ltd. achieved a new 52-week high with its stock price reaching C$41.93 during trading, reflecting strong investor interest with a last trade of C$41.77.
• Multiple analysts have raised their price targets for AltaGas, with BMO Capital Markets increasing their target from C$40.00 to C$43.00, indicating positive market sentiment around the stock.
• The company declared a quarterly dividend of $0.315, with a dividend yield of 3.1%, showcasing its commitment to returning value to shareholders.

Shares of AltaGas Ltd. (TSE:ALA - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday after National Bankshares raised their price target on the stock from C$44.00 to C$45.00. National Bankshares currently has an outperform rating on the stock. AltaGas traded as high as C$41.93 and last traded at C$41.77, with a volume of 44394 shares trading hands. The stock had previously closed at C$41.28.

Other equities analysts have also issued research reports about the company. Veritas upgraded AltaGas to a "strong sell" rating in a research note on Friday, May 2nd. CIBC boosted their target price on AltaGas from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. TD Securities lifted their price target on shares of AltaGas from C$45.00 to C$48.00 and gave the company a "buy" rating in a research report on Tuesday. Royal Bank Of Canada boosted their target price on AltaGas from C$43.00 to C$44.00 and gave the company an "outperform" rating in a research report on Tuesday. Finally, Jefferies Financial Group upped their price target on AltaGas from C$40.00 to C$46.00 in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of C$44.33.

AltaGas Stock Down 0.1%

The firm has a market cap of C$12.29 billion, a price-to-earnings ratio of 23.92, a P/E/G ratio of -4.97 and a beta of 1.23. The firm's 50 day moving average price is C$39.41 and its two-hundred day moving average price is C$38.02. The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44.

AltaGas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 16th will be given a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a yield of 3.1%. AltaGas's payout ratio is currently 68.98%.

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.