AltaGas (TSE:ALA) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Shares of AltaGas Ltd. (TSE:ALA - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$36.12 and traded as high as C$38.69. AltaGas shares last traded at C$38.52, with a volume of 619,720 shares.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ALA shares. JPMorgan Chase & Co. raised their price objective on shares of AltaGas from C$39.00 to C$41.00 in a report on Monday, April 21st. Scotiabank raised their price objective on shares of AltaGas from C$42.00 to C$45.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. CIBC raised 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 Friday, May 2nd. Jefferies Financial Group raised their price objective on shares of AltaGas from C$38.00 to C$40.00 in a report on Wednesday, April 30th. Finally, BMO Capital Markets raised their price objective on shares of AltaGas from C$40.00 to C$43.00 in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, AltaGas has a consensus rating of "Moderate Buy" and a consensus target price of C$41.33.

AltaGas Trading Down 0.3%

The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44. The firm has a market capitalization of C$11.35 billion, a PE ratio of 22.10, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The business's 50-day moving average price is C$38.57 and its 200-day moving average price is C$36.21.

AltaGas (TSE:ALA - Get Free Report) last announced its earnings results on Friday, March 7th. The company reported C$0.76 earnings per share (EPS) for the quarter. AltaGas had a net margin of 4.04% and a return on equity of 6.36%. As a group, analysts expect that AltaGas Ltd. will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 31st were given a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a yield of 3.30%. This is a positive change from AltaGas's previous quarterly dividend of $0.30. The ex-dividend date was Monday, March 17th. AltaGas's dividend payout ratio (DPR) is 68.98%.

Insider Activity at AltaGas

In related news, Senior Officer Corine Renae Knight Bushfield sold 144,064 shares of AltaGas stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of C$38.00, for a total value of C$5,474,432.00. Also, Senior Officer James Harbilas sold 15,200 shares of AltaGas stock in a transaction on Friday, March 21st. The shares were sold at an average price of C$38.40, for a total transaction of C$583,680.00. Insiders have sold a total of 400,214 shares of company stock worth $15,372,463 in the last three months. Insiders own 0.58% of the company's stock.

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.