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

AltaGas Ltd. (TSE:ALA) reached a new 52-week high on Thursday. The stock traded as high as C$58.14 and last traded at C$55.80, with a volume of 199,886 shares. The stock had previously closed at C$56.21.

Analysts Set New Price Targets

Several research firms recently weighed in on ALA. BMO Capital Markets raised their price objective on AltaGas from C$54.00 to C$59.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. ATB Cormark Capital Markets boosted their price objective on AltaGas from C$60.00 to C$63.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Royal Bank Of Canada raised their price target on shares of AltaGas from C$55.00 to C$59.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Canadian Imperial Bank of Commerce lowered shares of AltaGas from an “outperformer” rating to a “hold” rating and set a C$58.00 target price on the stock. in a report on Thursday, October 22nd. Finally, Scotiabank lifted their price objective on shares of AltaGas from C$57.00 to C$62.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, AltaGas presently has an average rating of “Moderate Buy” and a consensus price target of C$57.44.

AltaGas Stock Down 0.9%

The stock has a market capitalization of C$17.38 billion, a PE ratio of 28.13, a P/E/G ratio of -4.97 and a beta of 0.32. The stock’s fifty day simple moving average is C$53.85 and its 200-day simple moving average is C$50.86. The company has a current ratio of 0.86, a quick ratio of 0.43 and a debt-to-equity ratio of 112.99.

AltaGas (TSE:ALA) last posted its quarterly earnings data on Thursday, October 29th. The company reported C$0.29 EPS for the quarter. The firm had revenue of C$3.43 billion during the quarter. AltaGas had a net margin of 4.59% and a return on equity of 7.00%. As a group, sell-side analysts forecast that AltaGas Ltd. will post 2.30 EPS for the current fiscal year.

AltaGas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were paid a $0.3340 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Wednesday, September 16th. AltaGas’s payout ratio is presently 65.56%.

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.