AltaGas (TSE:ALA) Hits New 12-Month High - Should You Buy?

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)'s stock price hit 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

A number of brokerages have recently commented on ALA. National Bankshares lifted their price target on shares of AltaGas from C$41.00 to C$44.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. lifted their price target on shares of AltaGas from C$39.00 to C$41.00 in a report on Monday, April 21st. CIBC lifted their price target on shares of AltaGas from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. BMO Capital Markets boosted their target price on shares of AltaGas from C$40.00 to C$43.00 in a report on Friday, May 2nd. Finally, Veritas upgraded shares of AltaGas to a "strong sell" rating in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of C$42.30.

AltaGas Trading Up 1.1%

The company has a quick ratio of 0.44, a current ratio of 1.03 and a debt-to-equity ratio of 135.26. The stock has a market capitalization of C$12.31 billion, a P/E ratio of 23.96, a P/E/G ratio of -4.97 and a beta of 1.23. The firm's 50 day simple moving average is C$39.05 and its two-hundred day simple moving average is C$37.71.

AltaGas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 16th will be paid a $0.315 dividend. This represents a $1.26 annualized dividend and a yield of 3.0%. AltaGas's dividend payout ratio (DPR) is currently 68.98%.

Insiders Place Their Bets

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

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.