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

Key Points

• AltaGas shares crossed above their 200-day moving average, reaching C$53.94 and closing at C$53.89, compared with the C$52.27 average.
• Analysts remain bullish: eight analysts rate the stock a Buy, while multiple firms raised price targets to between C$59 and C$63. The consensus target is C$56.56.
• AltaGas reported quarterly earnings of C$0.31 per share on C$3.80 billion in revenue and announced a quarterly dividend of C$0.334, equivalent to a 2.5% yield.

AltaGas Ltd. (TSE:ALA - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$52.27 and traded as high as C$53.94. AltaGas shares last traded at C$53.89, with a volume of 3,271,767 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. ATB Cormark Capital Markets raised their price target on shares of AltaGas from C$60.00 to C$63.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. National Bank Financial lifted their target price on shares of AltaGas from C$52.00 to C$60.00 and gave the stock 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 company an "outperform" rating in a research report on Friday, July 31st. Royal Bank Of Canada lifted their price target on AltaGas from C$55.00 to C$59.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Finally, Scotiabank raised 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 research report on Tuesday, July 21st. Eight research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of C$56.56.

AltaGas Trading Up 0.8%

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 business's 50-day simple moving average is C$53.81 and its two-hundred day simple moving average is C$52.27. The stock has a market capitalization of C$16.81 billion, a price-to-earnings ratio of 27.22, a PEG ratio of -4.97 and a beta of 0.28.

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

AltaGas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th will be given a $0.334 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.34 annualized dividend and a dividend yield of 2.5%. AltaGas's dividend payout ratio is presently 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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