AltaGas (TSE:ALA) Stock Breaks Above Fifty Day Moving Average – Here’s Why

AltaGas Ltd. (TSE:ALA) shares passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of C$54.15 and traded as high as C$54.94. AltaGas shares last traded at C$54.72, with a volume of 720,092 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. BMO Capital Markets raised their target price on shares of AltaGas from C$54.00 to C$59.00 and gave the company an “outperform” rating in a report on Friday, July 31st. ATB Cormark Capital Markets upped their price target on shares of AltaGas from C$60.00 to C$63.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Scotia upped their price target on shares of AltaGas from C$61.00 to C$63.00 and gave the company a “sector outperform” rating in a report on Friday, October 30th. Scotiabank lifted their price objective on 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. Finally, National Bank Financial upped their price objective on AltaGas from C$60.00 to C$61.00 and gave the company an “outperform” rating in a research report on Friday, October 30th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of C$58.10.

AltaGas Stock Performance

The company has a current ratio of 0.85, a quick ratio of 0.43 and a debt-to-equity ratio of 120.38. The firm has a market cap of C$17.41 billion, a PE ratio of 27.91, a P/E/G ratio of -4.97 and a beta of 0.30. The stock’s 50 day moving average price is C$54.26 and its 200 day moving average price is C$51.63.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Thursday, October 29th. The company reported C$0.29 EPS for the quarter. AltaGas had a net margin of 4.33% and a return on equity of 6.83%. The firm had revenue of C$3.43 billion for the quarter. As a group, equities analysts forecast that AltaGas Ltd. will post 2.30 earnings per share for the current fiscal year.

AltaGas Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were issued a dividend of $0.3340 per share. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, September 16th. AltaGas’s payout ratio is 65.85%.

AltaGas Company Profile

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.