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

Key Points

• AltaGas Ltd. shares have surged above their 200-day moving average, with a recent trading price of C$41.91, indicating positive market momentum.
• Analyst ratings are mixed; while TD Securities and National Bank have given AltaGas a "buy" rating with price targets above C$45, Veritas has issued a "strong sell" rating.
• The company recently declared a quarterly dividend of $0.315 per share, representing an annual yield of 3.0%, alongside a current payout ratio of approximately 69%.

AltaGas Ltd. (TSE:ALA - Get Free Report) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$38.19 and traded as high as C$41.94. AltaGas shares last traded at C$41.91, with a volume of 356,897 shares trading hands.

Analyst Ratings Changes

ALA has been the topic of a number of research analyst reports. ATB Capital increased their price objective on shares of AltaGas from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Jefferies Financial Group increased their price target on shares of AltaGas from C$40.00 to C$46.00 in a research note on Wednesday, July 23rd. Royal Bank Of Canada boosted their price objective on shares of AltaGas from C$43.00 to C$44.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Veritas raised AltaGas to a "strong sell" rating in a report on Friday, May 2nd. Finally, JPMorgan Chase & Co. lifted their target price on AltaGas from C$39.00 to C$41.00 in a research note on Monday, April 21st. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, AltaGas presently has an average rating of "Moderate Buy" and a consensus target price of C$44.33.

AltaGas Stock Performance

The company has a quick ratio of 0.44, a current ratio of 1.03 and a debt-to-equity ratio of 135.26. The stock has a market cap of C$12.40 billion, a price-to-earnings ratio of 24.14, a PEG ratio of -4.97 and a beta of 1.23. The stock's fifty day moving average is C$39.80 and its 200-day moving average is C$38.37.

AltaGas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a yield of 3.0%. AltaGas's dividend payout ratio (DPR) is currently 68.98%.

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.