AltaGas (TSE:ALA) Share Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• AltaGas shares rose above their 200-day moving average, reaching C$53.66 and closing near C$53.65, compared with a 200-day average of C$50.47.
• Analyst sentiment is broadly positive: eight analysts rate the stock Buy, with a consensus target of C$56.56. Several firms recently raised their targets, with the highest reaching C$63.00.
• AltaGas reported quarterly earnings of C$0.31 per share on C$3.80 billion in revenue and maintains a quarterly dividend of C$0.334 per share, equivalent to a 2.5% yield.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$50.47 and traded as high as C$53.66. AltaGas shares last traded at C$53.65, with a volume of 729,353 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Royal Bank Of Canada raised their price target on shares of AltaGas from C$55.00 to C$59.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. BMO Capital Markets boosted their price objective on AltaGas from C$54.00 to C$59.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. ATB Cormark Capital Markets boosted their price objective on AltaGas from C$60.00 to C$63.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Scotiabank increased their price objective on AltaGas from C$57.00 to C$62.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, July 21st. Finally, National Bank Financial raised their target price on AltaGas from C$52.00 to C$60.00 and gave the company an "outperform" rating in a report on Monday, June 1st. Eight equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of C$56.56.

AltaGas Stock Performance

The company's 50 day moving average price is C$54.38 and its 200-day moving average price is C$50.47. The stock has a market cap of C$16.74 billion, a P/E ratio of 27.10, a price-to-earnings-growth ratio of -4.97 and a beta of 0.33. The company has a debt-to-equity ratio of 112.99, a quick ratio of 0.43 and a current ratio of 0.86.

AltaGas (TSE:ALA - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported C$0.31 earnings per share for the quarter. The business had revenue of C$3.80 billion for the quarter. AltaGas had a net margin of 4.59% and a return on equity of 7.00%. Equities analysts forecast that AltaGas Ltd. will post 2.3006093 EPS for the current fiscal year.

AltaGas Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were given a dividend of $0.334 per share. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Tuesday, June 16th. AltaGas's dividend payout ratio (DPR) is presently 65.56%.

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. Natural gas is sold and purchased for both commercial and industrial users.

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