AltaGas (TSE:ALA) Hits New 12-Month High – Time to Buy?

AltaGas Ltd. (TSE:ALA)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$46.89 and last traded at C$46.78, with a volume of 83435 shares. The stock had previously closed at C$46.36.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. ATB Cormark Capital Markets raised their price objective on AltaGas from C$48.00 to C$49.00 and gave the company an “outperform” rating in a report on Tuesday, December 23rd. National Bank Financial increased their target price on AltaGas from C$46.00 to C$50.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Canadian Imperial Bank of Commerce boosted their price target on AltaGas from C$47.00 to C$50.00 in a report on Wednesday, December 17th. Scotiabank upped their price objective on AltaGas from C$48.00 to C$50.00 in a research note on Tuesday, December 16th. Finally, JPMorgan Chase & Co. raised their price objective on shares of AltaGas from C$45.00 to C$47.00 in a report on Wednesday, December 3rd. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$48.11.

AltaGas Trading Up 1.9%

The company has a quick ratio of 0.44, a current ratio of 0.88 and a debt-to-equity ratio of 126.46. The company has a market cap of C$14.80 billion, a price-to-earnings ratio of 19.10, a PEG ratio of -4.97 and a beta of 0.37. The firm has a 50 day moving average price of C$42.68 and a two-hundred day moving average price of C$42.31.

AltaGas Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were given a $0.315 dividend. The ex-dividend date was Tuesday, December 16th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.6%. AltaGas’s payout ratio is 49.90%.

About AltaGas

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.