AltaGas (TSE:ALA) Share Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• AltaGas shares crossed above their 200-day moving average, reaching C$54.10 before closing at C$53.52, compared with a 200-day average of C$51.47.
• Analysts remain bullish: eight analysts rate the stock a Buy, while several firms raised their price targets. The consensus target is C$56.56.
• AltaGas reported quarterly revenue of C$3.80 billion and EPS of C$0.31, and maintains a quarterly dividend of C$0.334, equivalent to an annualized C$1.34 payout and a 2.5% yield.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$51.47 and traded as high as C$54.10. AltaGas shares last traded at C$53.52, with a volume of 722,322 shares trading hands.

Analyst Upgrades and Downgrades

ALA has been the subject of several recent research reports. 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. Scotiabank increased their target price on shares of AltaGas from C$57.00 to C$62.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 21st. National Bank Financial raised their target price on shares of AltaGas from C$52.00 to C$60.00 and gave the company an "outperform" rating in a research report on Monday, June 1st. BMO Capital Markets boosted their price target 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. Finally, Royal Bank Of Canada boosted their price target on shares of AltaGas from C$55.00 to C$59.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Eight investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of C$56.56.

AltaGas Trading Down 0.4%

The stock has a market cap of C$16.70 billion, a price-to-earnings ratio of 27.03, a P/E/G ratio of -4.97 and a beta of 0.33. The company has a debt-to-equity ratio of 112.99, a current ratio of 0.86 and a quick ratio of 0.43. The company's fifty day moving average price is C$54.05 and its 200-day moving average price is C$51.47.

AltaGas (TSE:ALA - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported C$0.31 earnings per share (EPS) for the quarter. AltaGas had a return on equity of 7.00% and a net margin of 4.59%.The firm had revenue of C$3.80 billion for the quarter. On average, research analysts expect that AltaGas Ltd. will post 2.3006093 EPS for the current fiscal year.

AltaGas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were paid a $0.334 dividend. This represents a $1.34 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Tuesday, June 16th. AltaGas's payout ratio is currently 65.56%.

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. Natural gas is sold and purchased for both commercial and industrial users.

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