AltaGas (TSE:ALA) Reaches New 12-Month High - Still a Buy?

Key Points

• AltaGas reached a new 52-week high of C$58.14 and last traded at C$55.80, above its 50-day and 200-day moving averages.
• Analyst sentiment remains positive, with six Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and a C$57.44 target price. Recent targets range as high as C$63.00.
• AltaGas reported quarterly EPS of C$0.29 on C$3.43 billion in revenue and pays an annualized dividend of C$1.34, yielding approximately 2.4% with a 65.56% payout ratio.

AltaGas Ltd. (TSE:ALA - Get Free Report) hit a new 52-week high on Thursday. The company traded as high as C$58.14 and last traded at C$55.80, with a volume of 199,886 shares traded. The stock had previously closed at C$56.21.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. ATB Cormark Capital Markets lifted their price objective on AltaGas from C$60.00 to C$63.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Royal Bank Of Canada upped their price objective on AltaGas from C$55.00 to C$59.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. BMO Capital Markets lifted their price objective on shares of AltaGas from C$54.00 to C$59.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Canadian Imperial Bank of Commerce cut shares of AltaGas from an "outperformer" rating to a "hold" rating and set a C$58.00 target price for the company. in a report on Thursday, October 22nd. Finally, Scotiabank boosted their price target on shares of AltaGas from C$57.00 to C$62.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of C$57.44.

AltaGas Price Performance

The company has a quick ratio of 0.43, a current ratio of 0.86 and a debt-to-equity ratio of 112.99. The company's fifty day moving average price is C$53.85 and its 200 day moving average price is C$50.86. The company has a market capitalization of C$17.38 billion, a P/E ratio of 28.13, a PEG ratio of -4.97 and a beta of 0.32.

AltaGas (TSE:ALA - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The company reported C$0.29 earnings per share (EPS) for the quarter. The business had revenue of C$3.43 billion for the quarter. AltaGas had a return on equity of 7.00% and a net margin of 4.59%. As a group, sell-side analysts forecast that AltaGas Ltd. will post 2.30 EPS for the current year.

AltaGas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were paid a $0.3340 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, September 16th. AltaGas's payout ratio is 65.56%.

About AltaGas

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.

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