AltaGas (TSE:ALA) Hits New 12-Month High - What's Next?

Key Points

• AltaGas Ltd. reached a new 52-week high, trading at C$42.03, with a market capitalization of C$12.43 billion.
• Several analysts have upgraded their price targets for AltaGas, with an average consensus target price of C$44.33 and a rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.315, which represents an annualized yield of 3.0% and a payout ratio of approximately 68.98%.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as C$42.03 and last traded at C$41.79, with a volume of 31582 shares trading hands. The stock had previously closed at C$41.91.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ALA. National Bankshares boosted their target price on AltaGas from C$44.00 to C$45.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Scotiabank boosted their target price on AltaGas from C$45.00 to C$46.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Veritas raised AltaGas to a "strong sell" rating in a report on Friday, May 2nd. Jefferies Financial Group boosted their target price on AltaGas from C$40.00 to C$46.00 in a report on Wednesday, July 23rd. Finally, BMO Capital Markets boosted their target price on AltaGas from C$40.00 to C$43.00 in a report on Friday, May 2nd. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, AltaGas presently has a consensus rating of "Moderate Buy" and a consensus price target of C$44.33.

AltaGas Stock Performance

The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44. The stock has a market capitalization of C$12.37 billion, a PE ratio of 24.09, a P/E/G ratio of -4.97 and a beta of 1.23. The stock has a 50 day moving average of C$39.93 and a two-hundred day moving average of C$38.41.

AltaGas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a yield of 3.0%. AltaGas's payout ratio is 68.98%.

AltaGas Company Profile

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.