AltaGas (TSE:ALA) Sets New 12-Month High - Still a Buy?

Key Points

• AltaGas hit a new 52-week high, trading as high as C$56.77 after recent momentum in the stock.
• Analysts have turned more positive, with several firms raising price targets and the stock now carrying a consensus Buy rating and average target of C$54.88.
• The company recently reported quarterly earnings of C$1.33 per share and paid a quarterly dividend of C$0.334 per share, implying an annualized yield of about 2.3%.

AltaGas Ltd. (TSE:ALA - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$56.77 and last traded at C$56.72, with a volume of 130855 shares. The stock had previously closed at C$56.22.

Analysts Set New Price Targets

ALA has been the topic of a number of research reports. ATB Cormark Capital Markets lifted their price target on shares of AltaGas from C$54.00 to C$56.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. raised their price objective on shares of AltaGas from C$49.00 to C$52.00 in a report on Tuesday, April 14th. Scotiabank boosted their price objective on shares of AltaGas from C$57.00 to C$62.00 and gave the company a "sector outperform" rating in a research report on Tuesday. Royal Bank Of Canada upped their target price on shares of AltaGas from C$50.00 to C$55.00 and gave the stock an "outperform" rating in a research note on Friday, May 1st. Finally, National Bank Financial upped their target price on shares of AltaGas from C$52.00 to C$60.00 and gave the stock an "outperform" rating in a research note on Monday, June 1st. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, AltaGas presently has an average rating of "Buy" and a consensus price target of C$54.88.

AltaGas Price Performance

The stock has a market cap of C$17.73 billion, a P/E ratio of 34.70, a PEG ratio of -4.97 and a beta of 0.35. The company has a 50 day simple moving average of C$54.10 and a 200 day simple moving average of C$48.89. The company has a current ratio of 0.88, a quick ratio of 0.43 and a debt-to-equity ratio of 115.95.

AltaGas (TSE:ALA - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share for the quarter. AltaGas had a net margin of 4.02% and a return on equity of 5.92%. The company had revenue of C$3.97 billion during the quarter. Sell-side analysts forecast that AltaGas Ltd. will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were issued a dividend of $0.334 per share. The ex-dividend date was Tuesday, June 16th. This represents a $1.34 annualized dividend and a yield of 2.3%. AltaGas's dividend payout ratio is presently 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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