AltaGas (TSE:ALA) Stock Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• AltaGas Ltd.'s share price recently surpassed its 200-day moving average of C$39.97, trading as high as C$42.70, indicating positive momentum in the stock.
• Multiple analysts rated AltaGas with an "outperform" rating and raised their target prices, with the average target sitting at C$44.89.
• The company announced a quarterly dividend of $0.315, which translates to an annualized dividend of $1.26 and a yield of 3.0%.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$39.97 and traded as high as C$42.70. AltaGas shares last traded at C$42.62, with a volume of 537,303 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ALA shares. ATB Capital lifted their target price on shares of AltaGas from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Scotiabank boosted their target price on AltaGas from C$46.00 to C$48.00 and gave the stock an "outperform" rating in a research report on Monday, October 6th. CIBC boosted their price objective on AltaGas from C$44.00 to C$46.00 and gave the stock an "outperform" rating in a report on Thursday, October 9th. National Bankshares upped their price target on shares of AltaGas from C$44.00 to C$45.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Finally, Royal Bank Of Canada upped their price target on shares of AltaGas from C$43.00 to C$44.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of C$44.89.

AltaGas Trading Up 0.7%

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's fifty day moving average price is C$41.87 and its two-hundred day moving average price is C$39.97. The company has a market capitalization of C$12.75 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of -4.97 and a beta of 0.13.

AltaGas Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 29th were issued a $0.315 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $1.26 annualized dividend and a yield of 3.0%. AltaGas's dividend payout ratio (DPR) is 47.12%.

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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