AltaGas (TSE:ALA) Sets New 52-Week High – Here’s Why

AltaGas Ltd. (TSE:ALA) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as C$45.79 and last traded at C$45.40, with a volume of 545182 shares. The stock had previously closed at C$45.18.

Analyst Ratings Changes

Several brokerages have weighed in on ALA. JPMorgan Chase & Co. upped their target price on AltaGas from C$45.00 to C$47.00 in a report on Wednesday, December 3rd. Royal Bank Of Canada lifted their price objective on AltaGas from C$44.00 to C$48.00 in a report on Friday, October 31st. Canadian Imperial Bank of Commerce increased their target price on shares of AltaGas from C$47.00 to C$50.00 in a report on Wednesday, December 17th. Jefferies Financial Group raised their target price on shares of AltaGas from C$47.00 to C$48.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Finally, National Bank Financial boosted their price target on shares of AltaGas from C$46.00 to C$50.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, AltaGas has a consensus rating of “Moderate Buy” and an average price target of C$48.11.

AltaGas Trading Down 0.4%

The firm has a market capitalization of C$14.16 billion, a PE ratio of 18.27, a price-to-earnings-growth ratio of -4.97 and a beta of 0.37. 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 company’s 50-day simple moving average is C$42.27 and its 200 day simple moving average is C$42.17.

AltaGas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were given a dividend of $0.315 per share. The ex-dividend date of this dividend was Tuesday, December 16th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.8%. AltaGas’s dividend payout ratio is presently 49.90%.

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.