AltaGas (TSE:ALA) Hits New 1-Year High on Analyst Upgrade

AltaGas Ltd. (TSE:ALA)’s share price hit a new 52-week high on Monday after Royal Bank Of Canada raised their price target on the stock from C$48.00 to C$50.00. Royal Bank Of Canada currently has an outperform rating on the stock. AltaGas traded as high as C$47.99 and last traded at C$47.51, with a volume of 4485396 shares changing hands. The stock had previously closed at C$46.28.

Other equities research analysts have also issued reports about the stock. National Bank Financial boosted their target price on shares of AltaGas from C$50.00 to C$51.00 and gave the company an “outperform” rating in a research note on Monday. ATB Cormark Capital Markets raised their price target on AltaGas from C$49.00 to C$52.00 and gave the stock an “outperform” rating in a research note on Monday. Scotiabank upped their price objective on AltaGas from C$50.00 to C$52.00 and gave the company an “outperform” rating in a research report on Monday. JPMorgan Chase & Co. increased their target price on AltaGas from C$45.00 to C$47.00 in a report on Wednesday, December 3rd. Finally, TD Securities boosted their price target on AltaGas from C$48.00 to C$51.00 and gave the company a “buy” rating in a research note on Monday. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, AltaGas has an average rating of “Moderate Buy” and an average price target of C$49.89.

AltaGas Stock Performance

The company has a current ratio of 0.88, a quick ratio of 0.44 and a debt-to-equity ratio of 126.46. The company has a market cap of C$14.79 billion, a P/E ratio of 19.09, a PEG ratio of -4.97 and a beta of 0.49. The business’s 50 day simple moving average is C$42.96 and its 200 day simple moving average is C$42.43.

AltaGas (TSE:ALA) last announced its quarterly earnings data on Friday, March 6th. The company reported C$0.77 earnings per share (EPS) for the quarter. The firm had revenue of C$3.29 billion during the quarter. AltaGas had a net margin of 6.15% and a return on equity of 8.78%. Sell-side analysts predict that AltaGas Ltd. will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were paid a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Tuesday, December 16th. 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.