AltaGas (TSE:ALA) Stock Passes Above 200-Day Moving Average - What's Next?

Key Points

• AltaGas shares rose above their 200-day moving average, trading as high as C$52.93 compared with the C$51.02 average, before closing at C$52.85.
• Analysts remain bullish: eight firms rate the stock a Buy, with a consensus target of C$56.56. Recent target increases range from C$59.00 to C$63.00.
• AltaGas reported quarterly EPS of C$0.31 on C$3.80 billion in revenue and pays a quarterly dividend of C$0.334, equivalent to a 2.5% annual yield.

AltaGas Ltd. (TSE:ALA - Get Free Report) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$51.02 and traded as high as C$52.93. AltaGas shares last traded at C$52.85, with a volume of 705,427 shares.

Analyst Ratings Changes

Several equities analysts have commented on ALA shares. Royal Bank Of Canada raised their price objective on AltaGas from C$55.00 to C$59.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. BMO Capital Markets boosted their price objective on shares of AltaGas from C$54.00 to C$59.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. ATB Cormark Capital Markets boosted their target price 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 target price on AltaGas from C$52.00 to C$60.00 and gave the stock an "outperform" rating in a research note on Monday, June 1st. Finally, Scotiabank raised their price target on 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 investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of C$56.56.

AltaGas Stock Up 1.1%

The company's 50 day moving average price is C$54.12 and its two-hundred day moving average price is C$51.02. The stock has a market cap of C$16.49 billion, a P/E ratio of 26.69, a PEG ratio of -4.97 and a beta of 0.33. The company has a current ratio of 0.86, a quick ratio of 0.43 and a debt-to-equity ratio of 112.99.

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

AltaGas Announces Dividend

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