AltaGas (TSE:ALA) Sets New 52-Week High at $30.32

AltaGas Ltd. (TSE:ALA)’s stock price reached a new 52-week high on Thursday . The company traded as high as C$30.32 and last traded at C$30.14, with a volume of 57571 shares trading hands. The stock had previously closed at C$30.20.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ALA. Scotiabank raised their price objective on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. National Bankshares lifted their price target on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. 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 upped their price objective on AltaGas from C$32.00 to C$34.00 and gave the company a “buy” rating in a research report on Monday, March 11th. Finally, CIBC boosted their price target on AltaGas from C$34.00 to C$36.00 and gave the company an “outperform” rating in a research note on Friday, December 29th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, AltaGas has an average rating of “Buy” and an average target price of C$33.75.

AltaGas Trading Down 0.4 %

The stock has a 50 day moving average of C$29.22 and a 200-day moving average of C$27.97. The company has a market capitalization of C$8.88 billion, a P/E ratio of 13.36, a P/E/G ratio of -4.97 and a beta of 1.22. The company has a current ratio of 0.89, a quick ratio of 0.44 and a debt-to-equity ratio of 125.64.

AltaGas (TSE:ALA) last posted its quarterly earnings results on Friday, March 8th. The company reported C$0.75 earnings per share for the quarter, hitting the consensus estimate of C$0.75. AltaGas had a return on equity of 8.90% and a net margin of 5.18%. The business had revenue of C$3.29 billion during the quarter, compared to the consensus estimate of C$4.11 billion. On average, research analysts predict that AltaGas Ltd. will post 2.1549815 EPS for the current year.

AltaGas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 28th were paid a $0.298 dividend. This represents a $1.19 annualized dividend and a yield of 3.96%. This is an increase from AltaGas’s previous quarterly dividend of $0.28. The ex-dividend date was Thursday, March 14th. AltaGas’s dividend payout ratio is presently 52.65%.

Insiders Place Their Bets

In other news, Senior Officer Randy Warren Toone sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. In other news, Senior Officer Randy Warren Toone sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. Also, Director Jeremy Jason Weatherhead sold 12,215 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of C$29.60, for a total value of C$361,564.00. Insiders sold 68,239 shares of company stock worth $2,002,672 in the last three months. 0.57% of the stock is owned by company insiders.

About AltaGas

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 1.6 million customers.