AltaGas (TSE:ALA) Sets New 1-Year High – Here’s What Happened

AltaGas Ltd. (TSE:ALA)’s share price hit a new 52-week high on Monday . The company traded as high as C$49.09 and last traded at C$48.87, with a volume of 69562 shares changing hands. The stock had previously closed at C$48.55.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. ATB Cormark Capital Markets lifted their target price on shares of AltaGas from C$49.00 to C$52.00 and gave the stock an “outperform” rating in a research report on Monday, March 9th. Canadian Imperial Bank of Commerce increased their price target on AltaGas from C$47.00 to C$50.00 in a report on Wednesday, December 17th. TD Securities lifted their price objective on AltaGas from C$48.00 to C$51.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Jefferies Financial Group upped their price objective on AltaGas from C$49.00 to C$53.00 in a research report on Monday, March 9th. Finally, National Bank Financial increased their target price on AltaGas from C$50.00 to C$51.00 and gave the company an “outperform” rating in a report on Monday, March 9th. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$49.89.

AltaGas Stock Down 1.0%

The company’s 50-day simple moving average is C$45.26 and its two-hundred day simple moving average is C$43.23. The firm has a market capitalization of C$15.02 billion, a P/E ratio of 19.46, a P/E/G ratio of -4.97 and a beta of 0.49. The company has a debt-to-equity ratio of 118.25, a current ratio of 0.82 and a quick ratio of 0.44.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Friday, March 6th. The company reported C$0.77 earnings per share (EPS) for the quarter. The firm had revenue of C$3.29 billion during the quarter. AltaGas had a net margin of 6.14% and a return on equity of 8.74%. As a group, research analysts expect that AltaGas Ltd. will post 2.3006093 earnings per share for the current year.

AltaGas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.334 per share. This is a boost from AltaGas’s previous quarterly dividend of $0.32. This represents a $1.34 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, March 16th. AltaGas’s dividend payout ratio is presently 50.81%.

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.