AltaGas (TSE:ALA) Sets New 52-Week High - Should You Buy?

Key Points

• AltaGas Ltd. shares have hit a new 52-week high of C$43.19, with a recent trading price of C$42.98.
• Research analysts have increased the price targets for AltaGas, with a consensus target price now at C$44.33 and a majority rating of "Buy."
• The company declared a quarterly dividend of $0.315, representing an annual yield of 2.9%, with the payout ratio currently at 47.12%.

AltaGas Ltd. (TSE:ALA - Get Free Report) shares reached a new 52-week high on Thursday . The stock traded as high as C$43.19 and last traded at C$42.98, with a volume of 720001 shares traded. The stock had previously closed at C$42.67.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Jefferies Financial Group increased their price target on shares of AltaGas from C$40.00 to C$46.00 in a research report on Wednesday, July 23rd. ATB Capital raised their target price on AltaGas from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. National Bankshares raised their target price on AltaGas from C$44.00 to C$45.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Scotiabank raised their price objective on AltaGas from C$45.00 to C$46.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Finally, TD Securities raised their price objective on AltaGas from C$45.00 to C$48.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of C$44.33.

AltaGas Price Performance

The company has a market cap of C$12.86 billion, a P/E ratio of 16.53, a P/E/G ratio of -4.97 and a beta of 0.18. The company has a current ratio of 1.03, a quick ratio of 0.44 and a debt-to-equity ratio of 135.26. The firm has a 50 day moving average of C$41.29 and a 200-day moving average of C$39.54.

AltaGas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 29th will be issued a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Tuesday, September 16th. AltaGas's payout ratio is currently 47.12%.

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.

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