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

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-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.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ALA. National Bankshares increased their price target on shares of AltaGas from C$41.00 to C$44.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Scotiabank increased their price target on shares of AltaGas from C$42.00 to C$45.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. BMO Capital Markets increased their price target on shares of AltaGas from C$40.00 to C$43.00 in a research report on Friday, May 2nd. CIBC increased their price target on shares of AltaGas from C$42.00 to C$43.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. increased their price target on shares of AltaGas from C$39.00 to C$41.00 in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of C$41.33.

AltaGas Trading Down 0.2%

The business has a 50 day moving average of C$38.67 and a 200-day moving average of C$36.57. 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 market capitalization of C$11.39 billion, a P/E ratio of 22.18, a PEG ratio of -4.97 and a beta of 1.23.

AltaGas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 30th will be issued a $0.315 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 3.29%. 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 on Thursday, April 3rd. The shares were sold at an average price of C$39.19, for a total value of C$3,605,480.00. Also, Director Peter James Ledig sold 13,361 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of C$40.04, for a total transaction of C$534,974.44. Insiders have sold 107,161 shares of company stock worth $4,210,690 over the last ninety days. 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.

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