AltaGas Ltd. (TSE:ALA – Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as C$35.09 and last traded at C$35.06, with a volume of 44246 shares changing hands. The stock had previously closed at C$34.85.
Analysts Set New Price Targets
ALA has been the topic of several analyst reports. CIBC lifted their target price on AltaGas from C$38.00 to C$40.00 in a research note on Monday, July 15th. ATB Capital increased their target price on shares of AltaGas from C$35.00 to C$36.00 and gave the company an “outperform” rating in a research report on Thursday, May 30th. JPMorgan Chase & Co. lifted their price target on shares of AltaGas from C$33.00 to C$36.00 in a report on Friday, July 19th. Scotiabank increased their price objective on AltaGas from C$36.00 to C$38.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Finally, Royal Bank of Canada upped their target price on AltaGas from C$34.00 to C$37.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of C$37.40.
Read Our Latest Report on AltaGas
AltaGas Price Performance
AltaGas (TSE:ALA – Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The company reported C$0.14 EPS for the quarter, topping analysts’ consensus estimates of C$0.12 by C$0.02. AltaGas had a net margin of 3.58% and a return on equity of 5.78%. The company had revenue of C$2.78 billion during the quarter, compared to the consensus estimate of C$2.54 billion. As a group, equities analysts forecast that AltaGas Ltd. will post 2.1087355 earnings per share for the current fiscal year.
AltaGas Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Monday, September 16th. AltaGas’s dividend payout ratio (DPR) is 82.07%.
Insider Activity at AltaGas
In other news, Senior Officer Randy Warren Toone sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of C$29.85, for a total transaction of C$597,006.00. In related news, Director Aaron Bishop sold 19,820 shares of AltaGas stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total transaction of C$665,555.60. Also, Senior Officer Randy Warren Toone sold 20,000 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of C$29.85, for a total transaction of C$597,006.00. Insiders have sold a total of 65,320 shares of company stock worth $2,074,947 over the last three months. 0.58% of the stock is currently owned by corporate 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.
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