AltaGas (TSE:ALA) Reaches New 52-Week High at $29.75

AltaGas Ltd. (TSE:ALA)’s stock price hit a new 52-week high on Thursday . The company traded as high as C$29.75 and last traded at C$29.60, with a volume of 33844 shares traded. The stock had previously closed at C$29.47.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Scotiabank upped their target price on AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. National Bankshares increased their price target on AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. 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 note on Monday, March 11th. CIBC upped their price objective 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. Finally, Jefferies Financial Group set a C$34.00 price target on AltaGas and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of C$33.23.

AltaGas Trading Up 0.5 %

The firm has a 50 day simple moving average of C$28.54 and a 200 day simple moving average of C$27.56. The company has a debt-to-equity ratio of 125.64, a quick ratio of 0.44 and a current ratio of 0.89. The firm has a market cap of C$8.74 billion, a P/E ratio of 13.04, a P/E/G ratio of -4.97 and a beta of 1.22.

AltaGas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, March 28th will be issued a $0.298 dividend. The ex-dividend date is Thursday, March 14th. This represents a $1.19 annualized dividend and a dividend yield of 4.03%. This is a boost from AltaGas’s previous quarterly dividend of $0.28. AltaGas’s dividend payout ratio (DPR) is presently 52.65%.

Insider Buying and Selling at AltaGas

In related news, Senior Officer Randy Warren Toone sold 5,036 shares of the firm’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of C$28.30, for a total transaction of C$142,518.80. In other AltaGas news, Director Jeremy Jason Weatherhead sold 12,215 shares of AltaGas stock in a transaction on 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 AltaGas stock in a transaction 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. Insiders have sold a total of 17,275 shares of company stock valued at $504,791 in the last 90 days. Corporate insiders own 0.63% of the company’s stock.

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.