AltaGas (TSE:ALA) Shares Pass Above 200-Day Moving Average - Here's Why

AltaGas Ltd. (TSE:ALA - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$36.80 and traded as high as C$39.09. AltaGas shares last traded at C$38.39, with a volume of 293,168 shares trading hands.

Analysts Set New Price Targets

Several research analysts have commented on ALA shares. Scotiabank increased their price objective on shares of AltaGas from C$42.00 to C$45.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. increased their price target on AltaGas from C$39.00 to C$41.00 in a research note on Monday, April 21st. Royal Bank Of Canada raised their price target on AltaGas from C$40.00 to C$43.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Veritas raised AltaGas to a "strong sell" rating in a report on Friday, May 2nd. Finally, CIBC boosted their price target on shares of AltaGas from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of C$41.70.

AltaGas Trading Up 0.1%

The stock has a market capitalization of C$11.44 billion, a P/E ratio of 22.27, a P/E/G ratio of -4.97 and a beta of 1.23. The stock's 50 day moving average price is C$38.53 and its 200-day moving average price is C$36.85. The company has a quick ratio of 0.44, a current ratio of 1.03 and a debt-to-equity ratio of 135.26.

AltaGas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 30th were paid a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date was Monday, June 16th. 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 the business's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of C$39.02, for a total value of C$70,236.00. 0.58% of the stock is currently owned by 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.