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

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$36.28 and traded as high as C$38.53. AltaGas shares last traded at C$38.33, with a volume of 391,500 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of AltaGas from C$39.00 to C$41.00 in a report on Monday, April 21st. CIBC upped their target price on shares of AltaGas from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Royal Bank of Canada upped their target price on shares of AltaGas from C$40.00 to C$43.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. BMO Capital Markets upped their target price on shares of AltaGas from C$40.00 to C$43.00 in a report on Friday, May 2nd. Finally, Veritas raised shares of AltaGas to a "strong sell" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, AltaGas currently has an average rating of "Moderate Buy" and a consensus price target of C$41.33.

AltaGas Price Performance

The firm's fifty day simple moving average is C$38.65 and its 200 day simple moving average is C$36.36. The firm has a market cap of C$11.53 billion, a P/E ratio of 22.45, 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.

AltaGas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Monday, June 16th. AltaGas's dividend payout ratio (DPR) is presently 68.98%.

Insider Buying and Selling at AltaGas

In other news, Senior Officer James Harbilas sold 15,200 shares of the company's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of C$38.40, for a total transaction of C$583,680.00. Also, Director Derek Watson Evans bought 19,239 shares of the firm's stock in a transaction dated Wednesday, March 26th. The shares were acquired at an average price of C$38.98 per share, for a total transaction of C$749,936.22. Insiders sold 122,361 shares of company stock valued at $4,794,370 in the last 90 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.