AltaGas (TSE:ALA) Reaches New 52-Week High – What’s Next?

Shares of AltaGas Ltd. (TSE:ALA) hit a new 52-week high during trading on Thursday . The company traded as high as C$54.58 and last traded at C$53.03, with a volume of 836125 shares changing hands. The stock had previously closed at C$53.87.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ALA shares. National Bank Financial boosted their target price on shares of AltaGas from C$51.00 to C$52.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Scotiabank boosted their target price on shares of AltaGas from C$54.00 to C$57.00 and gave the company a “sector outperform” rating in a report on Friday, May 1st. ATB Cormark Capital Markets boosted their target price on shares of AltaGas from C$54.00 to C$56.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Royal Bank Of Canada boosted their target price on shares of AltaGas from C$50.00 to C$55.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. boosted their target price on shares of AltaGas from C$49.00 to C$52.00 in a report on Tuesday, April 14th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, AltaGas presently has a consensus rating of “Buy” and an average target price of C$53.25.

AltaGas Trading Down 1.6%

The firm has a 50-day moving average price of C$49.52 and a 200-day moving average price of C$45.09. The company has a debt-to-equity ratio of 115.95, a quick ratio of 0.44 and a current ratio of 0.88. The stock has a market cap of C$16.52 billion, a PE ratio of 32.34, a price-to-earnings-growth ratio of -4.97 and a beta of 0.38.

AltaGas (TSE:ALA) last posted its quarterly earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share (EPS) for the quarter. The firm had revenue of C$3.97 billion during the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%. As a group, equities analysts anticipate that AltaGas Ltd. will post 2.3006093 EPS for the current fiscal year.

AltaGas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st were given a $0.334 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $1.34 annualized dividend and a dividend yield of 2.5%. This is a boost from AltaGas’s previous quarterly dividend of $0.32. AltaGas’s payout ratio is presently 77.99%.

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.