AltaGas (TSE:ALA) Reaches New 12-Month High - Here's What Happened

Key Points

• AltaGas Ltd.'s stock reached a new 52-week high of C$41.16 during trading, showcasing a significant increase from its previous closure at C$40.65.
• Equities analysts have upgraded their price targets for AltaGas, with recommendations ranging from C$41.00 to C$44.00, indicating a strong consensus rating of "Moderate Buy."
• The company declared a quarterly dividend of $0.315 per share, resulting in an annualized dividend yield of 3.05% and a payout ratio of 68.98%.

AltaGas Ltd. (TSE:ALA - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The company traded as high as C$41.16 and last traded at C$41.13, with a volume of 131290 shares. The stock had previously closed at C$40.65.

Analyst Ratings Changes

ALA has been the topic of several recent research reports. Royal Bank Of Canada upped their price objective on AltaGas from C$40.00 to C$43.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. increased their target price on AltaGas from C$39.00 to C$41.00 in a research note on Monday, April 21st. CIBC increased their target price on AltaGas from C$42.00 to C$43.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. TD Securities upgraded AltaGas to a "strong-buy" rating and set a C$45.00 target price for the company in a research note on Friday, June 27th. Finally, Scotiabank increased their target price on AltaGas from C$42.00 to C$45.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of C$42.89.

AltaGas Trading Up 0.9%

The company has a fifty day simple moving average of C$39.12 and a two-hundred day simple moving average of C$37.79. 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 company has a market capitalization of C$12.29 billion, a P/E ratio of 23.93, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23.

AltaGas Announces Dividend

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

Insider Transactions at AltaGas

In other news, Senior Officer Donald Mark Jenkins sold 1,800 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of C$39.02, for a total value of C$70,236.00. 0.58% of the stock is owned by corporate insiders.

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.