AltaGas (TSE:ALA) Shares Pass Above 50 Day Moving Average – What’s Next?

Shares of AltaGas Ltd. (TSE:ALA) passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$53.29 and traded as high as C$53.76. AltaGas shares last traded at C$53.69, with a volume of 1,062,108 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of AltaGas from C$49.00 to C$52.00 in a research report on Tuesday, April 14th. National Bank Financial upped their price target on shares of AltaGas from C$52.00 to C$60.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. Scotiabank increased their price target on shares of AltaGas from C$54.00 to C$57.00 and gave the stock a “sector outperform” rating in a research note on Friday, May 1st. Royal Bank Of Canada increased their price target on shares of AltaGas from C$50.00 to C$55.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. Finally, ATB Cormark Capital Markets lifted their price objective on shares of AltaGas from C$54.00 to C$56.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Seven research analysts have rated the stock with a Buy rating, According to MarketBeat.com, AltaGas has an average rating of “Buy” and an average target price of C$54.25.

AltaGas Stock Performance

The firm has a market cap of C$16.81 billion, a price-to-earnings ratio of 32.91, a price-to-earnings-growth ratio of -4.97 and a beta of 0.35. The company has a quick ratio of 0.43, a current ratio of 0.88 and a debt-to-equity ratio of 115.95. The stock has a fifty day moving average price of C$53.45 and a 200-day moving average price of C$48.07.

AltaGas (TSE:ALA) last issued its quarterly earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share for the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%.The firm had revenue of C$3.97 billion during the quarter. On average, analysts expect that AltaGas Ltd. will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.334 per share. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Tuesday, June 16th. AltaGas’s payout ratio is 77.99%.

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.