AltaGas (TSE:ALA) Shares Pass Above 200 Day Moving Average – Here’s Why

Shares of AltaGas Ltd. (TSE:ALA) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$43.11 and traded as high as C$48.60. AltaGas shares last traded at C$48.55, with a volume of 1,045,820 shares traded.

Analyst Upgrades and Downgrades

ALA has been the subject of several research analyst reports. National Bank Financial raised their target price on AltaGas from C$50.00 to C$51.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. ATB Cormark Capital Markets boosted their price target on shares of AltaGas from C$49.00 to C$52.00 and gave the stock an “outperform” rating in a report on Monday, March 9th. Scotiabank increased their price target on shares of AltaGas from C$50.00 to C$52.00 and gave the company an “outperform” rating in a research report on Monday, March 9th. Jefferies Financial Group raised their price objective on shares of AltaGas from C$49.00 to C$53.00 in a report on Monday, March 9th. Finally, Royal Bank Of Canada lifted their price objective on shares of AltaGas from C$48.00 to C$50.00 and gave the stock an “outperform” rating in a research report on Monday, March 9th. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, AltaGas has an average rating of “Moderate Buy” and a consensus target price of C$49.89.

AltaGas Trading Up 1.0%

The firm has a fifty day moving average of C$44.97 and a two-hundred day moving average of C$43.12. The company has a market cap of C$15.11 billion, a PE ratio of 19.58, a price-to-earnings-growth ratio of -4.97 and a beta of 0.49. The company has a current ratio of 0.82, a quick ratio of 0.44 and a debt-to-equity ratio of 118.25.

AltaGas (TSE:ALA) last released its quarterly earnings data on Friday, March 6th. The company reported C$0.77 EPS for the quarter. The business had revenue of C$3.29 billion for the quarter. AltaGas had a net margin of 6.14% and a return on equity of 8.74%. As a group, sell-side analysts predict that AltaGas Ltd. will post 2.3006093 EPS for the current year.

AltaGas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st will be paid a dividend of $0.334 per share. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, March 16th. This is an increase from AltaGas’s previous quarterly dividend of $0.32. AltaGas’s dividend payout ratio is currently 50.81%.

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.