AltaGas (TSE:ALA) Share Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• AltaGas shares crossed above their 200-day moving average, trading as high as C$53.93 and closing near C$53.78, compared with a 200-day average of C$51.81.
• Analysts remain bullish: eight analysts rate the stock a Buy, with an average price target of C$56.56; recent targets range from C$59 to C$63.
• AltaGas reported quarterly EPS of C$0.31 on C$3.80 billion in revenue and pays a quarterly dividend of C$0.334 per share, representing a 2.5% yield and a 65.56% payout ratio.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$51.81 and traded as high as C$53.93. AltaGas shares last traded at C$53.78, with a volume of 722,681 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ALA shares. ATB Cormark Capital Markets boosted their price target on AltaGas from C$60.00 to C$63.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. National Bank Financial increased their price objective on AltaGas from C$52.00 to C$60.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. BMO Capital Markets lifted their price objective on AltaGas from C$54.00 to C$59.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Royal Bank Of Canada boosted their target price on shares of AltaGas from C$55.00 to C$59.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Finally, Scotiabank upped their target price on shares of AltaGas from C$57.00 to C$62.00 and gave the company a "sector outperform" rating in a report on Tuesday, July 21st. Eight analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of C$56.56.

AltaGas Price Performance

The company has a 50 day moving average of C$53.97 and a 200 day moving average of C$51.81. The stock has a market capitalization of C$16.78 billion, a price-to-earnings ratio of 27.16, a price-to-earnings-growth ratio of -4.97 and a beta of 0.28. The company has a quick ratio of 0.43, a current ratio of 0.86 and a debt-to-equity ratio of 112.99.

AltaGas (TSE:ALA - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported C$0.31 EPS for the quarter. AltaGas had a net margin of 4.59% and a return on equity of 7.00%. The company had revenue of C$3.80 billion during the quarter. As a group, equities research analysts forecast that AltaGas Ltd. will post 2.3006093 EPS for the current fiscal year.

AltaGas Dividend Announcement

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

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

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