AltaGas (TSE:ALA) Sets New 1-Year High After Analyst Upgrade

Shares of AltaGas Ltd. (TSE:ALA) hit a new 52-week high during mid-day trading on Monday after Scotiabank raised their price target on the stock from C$33.00 to C$35.00. Scotiabank currently has an outperform rating on the stock. AltaGas traded as high as C$30.58 and last traded at C$30.40, with a volume of 236122 shares traded. The stock had previously closed at C$30.36.

ALA has been the topic of a number of other reports. TD Securities boosted their target price on AltaGas from C$32.00 to C$34.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. Royal Bank of Canada boosted their price target on shares of AltaGas from C$32.00 to C$34.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Jefferies Financial Group set a C$34.00 price objective on shares of AltaGas and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Finally, National Bankshares boosted their target price on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, AltaGas has an average rating of “Buy” and an average price target of C$34.15.

Insider Buying and Selling

In related news, Senior Officer James Harbilas sold 26,100 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of C$30.50, for a total value of C$796,050.00. In other news, Senior Officer James Harbilas sold 26,100 shares of AltaGas stock in a transaction dated Monday, May 6th. The shares were sold at an average price of C$30.50, for a total transaction of C$796,050.00. Also, Senior Officer Randy Warren Toone sold 16,000 shares of the stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of C$29.58, for a total transaction of C$473,200.00. Insiders have sold a total of 94,339 shares of company stock valued at $2,798,722 over the last three months. 0.57% of the stock is owned by corporate insiders.

AltaGas Stock Down 0.3 %

The company has a market cap of C$8.89 billion, a P/E ratio of 13.32, a PEG ratio of -4.97 and a beta of 1.22. The company has a quick ratio of 0.44, a current ratio of 0.89 and a debt-to-equity ratio of 125.64. The firm has a fifty day moving average price of C$29.54 and a 200 day moving average price of C$28.23.

AltaGas (TSE:ALA) last released its quarterly earnings results on Friday, March 8th. The company reported C$0.75 EPS for the quarter, meeting the consensus estimate of C$0.75. AltaGas had a net margin of 5.18% and a return on equity of 8.90%. The business had revenue of C$3.29 billion for the quarter, compared to analysts’ expectations of C$4.11 billion. Equities research analysts forecast that AltaGas Ltd. will post 2.1549815 earnings per share for the current year.

AltaGas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 28th were given a dividend of $0.298 per share. This is a boost from AltaGas’s previous quarterly dividend of $0.28. The ex-dividend date was Thursday, March 14th. This represents a $1.19 annualized dividend and a dividend yield of 3.96%. AltaGas’s payout ratio is currently 52.65%.

AltaGas Company Profile

AltaGas Ltd. operates as an energy infrastructure company in North America. The company operates through Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.6 million customers.