AltaGas (TSE:ALA) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

AltaGas Ltd. (TSE:ALA)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$41.82 and traded as high as C$43.44. AltaGas shares last traded at C$43.14, with a volume of 852,830 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ALA shares. Jefferies Financial Group lifted their price target on shares of AltaGas from C$47.00 to C$48.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. CIBC lifted their target price on AltaGas from C$47.00 to C$50.00 in a report on Wednesday, December 17th. JPMorgan Chase & Co. boosted their target price on AltaGas from C$45.00 to C$47.00 in a research report on Wednesday, December 3rd. National Bankshares raised their price target on AltaGas from C$46.00 to C$50.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Finally, ATB Capital lifted their price objective on AltaGas from C$48.00 to C$49.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 23rd. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$48.11.

AltaGas Trading Up 1.3%

The company has a 50-day moving average of C$41.64 and a 200 day moving average of C$41.82. The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44. The company has a market cap of C$13.42 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of -4.97 and a beta of 0.37.

AltaGas (TSE:ALA) last posted its quarterly earnings data on Thursday, October 30th. The company reported C($0.08) earnings per share (EPS) for the quarter. The company had revenue of C$2.60 billion during the quarter. AltaGas had a net margin of 4.04% and a return on equity of 6.36%. Analysts predict that AltaGas Ltd. will post 2.3006093 earnings per share for the current year.

AltaGas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, December 16th. AltaGas’s payout ratio is presently 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.