AltaGas Ltd. (TSE:ALA) Given Consensus Recommendation of “Buy” by Analysts

Shares of AltaGas Ltd. (TSE:ALA) have been given a consensus rating of “Buy” by the eight ratings firms that are currently covering the company, MarketBeat reports. Eight research analysts have rated the stock with a buy recommendation. The average 12 month target price among brokers that have issued ratings on the stock in the last year is C$33.75.

ALA has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their price objective on AltaGas from C$33.00 to C$32.00 and set an “overweight” rating for the company in a research report on Monday, December 4th. Jefferies Financial Group set a C$34.00 price objective on shares of AltaGas and gave the company a “buy” rating in a research report on Tuesday, February 27th. TD Securities increased their target price on shares of AltaGas from C$32.00 to C$34.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. National Bankshares boosted their price target on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Finally, Scotiabank increased their price objective on AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th.

Insider Transactions at AltaGas

In related news, Senior Officer Randy Warren Toone sold 5,036 shares of the business’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of C$28.30, for a total value of C$142,518.80. In related news, Director Jeremy Jason Weatherhead sold 12,215 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of C$29.60, for a total transaction of C$361,564.00. Also, Senior Officer Randy Warren Toone sold 5,036 shares of the firm’s stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of C$28.30, for a total value of C$142,518.80. In the last quarter, insiders sold 33,275 shares of company stock worth $977,991. 0.63% of the stock is owned by corporate insiders.

AltaGas Price Performance

Shares of TSE:ALA opened at C$29.92 on Monday. AltaGas has a 12-month low of C$21.94 and a 12-month high of C$29.95. The company has a quick ratio of 0.44, a current ratio of 0.89 and a debt-to-equity ratio of 125.64. The company has a market cap of C$8.84 billion, a P/E ratio of 13.24, a price-to-earnings-growth ratio of -4.97 and a beta of 1.22. The company’s fifty day moving average is C$28.62 and its two-hundred day moving average is C$27.59.

AltaGas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 28th were given a $0.298 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.98%. This is a boost from AltaGas’s previous quarterly dividend of $0.28. AltaGas’s payout ratio is currently 52.65%.

AltaGas Company Profile

AltaGas Ltd. operates as an energy infrastructure company in North America. The company operates through Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.7 million customers.