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

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$36.57 and traded as high as C$38.37. AltaGas shares last traded at C$38.26, with a volume of 555,009 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Veritas raised AltaGas to a "strong sell" rating in a research report on Friday, May 2nd. National Bankshares lifted their price objective on 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 objective on AltaGas from C$39.00 to C$41.00 in a report on Monday, April 21st. TD Securities raised AltaGas to a "strong-buy" rating and set a C$45.00 price objective for the company in a report on Friday. Finally, BMO Capital Markets lifted their price objective on AltaGas from C$40.00 to C$43.00 in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of C$41.70.

AltaGas Trading Up 0.5%

The stock has a market cap of C$11.49 billion, a P/E ratio of 22.37, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 135.26, a quick ratio of 0.44 and a current ratio of 1.03. The stock has a 50-day moving average price of C$38.61 and a 200-day moving average price of C$36.68.

AltaGas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 30th will be given a dividend of $0.315 per share. The ex-dividend date is Monday, June 16th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 3.27%. AltaGas's dividend payout ratio (DPR) is presently 68.98%.

Insider Activity

In related news, Senior Officer Randy Warren Toone sold 92,000 shares of the firm's stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of C$39.19, for a total transaction of C$3,605,480.00. Also, Senior Officer Donald Mark Jenkins sold 1,800 shares of the firm'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. In the last 90 days, insiders sold 107,161 shares of company stock worth $4,210,690. 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.