AltaGas (TSE:ALA) Shares Pass Above 200 Day Moving Average – Here’s What Happened

AltaGas Ltd. (TSE:ALA) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$41.82 and traded as high as C$43.44. AltaGas shares last traded at C$43.14, with a volume of 852,830 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ALA shares. ATB Capital raised their target price on shares of AltaGas from C$48.00 to C$49.00 and gave the company an “outperform” rating in a research note on Tuesday, December 23rd. Scotiabank upped their target price on AltaGas from C$48.00 to C$50.00 in a research report on Tuesday, December 16th. Canadian Imperial Bank of Commerce upped their price target on shares of AltaGas from C$47.00 to C$50.00 in a research note on Wednesday, December 17th. JPMorgan Chase & Co. raised their price objective on AltaGas from C$45.00 to C$47.00 in a research note on Wednesday, December 3rd. Finally, Royal Bank Of Canada upped their price target on shares of AltaGas from C$44.00 to C$48.00 in a report on Friday, October 31st. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of C$48.11.

AltaGas Price Performance

The company has a quick ratio of 0.44, a current ratio of 1.03 and a debt-to-equity ratio of 135.26. The business’s 50 day moving average is C$41.62 and its two-hundred day moving average is C$41.83. The firm has a market cap of C$13.13 billion, a P/E ratio of 16.95, a P/E/G ratio of -4.97 and a beta of 0.37.

AltaGas (TSE:ALA) last issued its earnings results on Thursday, October 30th. The company reported C($0.08) earnings per share for the quarter. The business had revenue of C$2.60 billion during the quarter. AltaGas had a return on equity of 6.36% and a net margin of 4.04%. As a group, analysts anticipate that AltaGas Ltd. will post 2.3006093 earnings per share for the current year.

AltaGas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were issued a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Tuesday, December 16th. AltaGas’s dividend payout ratio (DPR) is presently 49.90%.

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.