AltaGas (TSE:ALA) Sets New 12-Month High at $34.71

AltaGas Ltd. (TSE:ALA)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as C$34.71 and last traded at C$34.52, with a volume of 2576594 shares changing hands. The stock had previously closed at C$33.75.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on ALA shares. ATB Capital raised their price objective 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. Jefferies Financial Group increased their target price on shares of AltaGas from C$34.00 to C$37.00 and gave the company a “buy” rating in a report on Monday, July 29th. Scotiabank increased their target price on shares of AltaGas from C$36.00 to C$38.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. BMO Capital Markets increased their target price on shares of AltaGas from C$36.00 to C$37.00 and gave the company an “outperform” rating in a report on Thursday, May 30th. Finally, CIBC increased their target price on shares of AltaGas from C$38.00 to C$40.00 in a report on Monday, July 15th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of C$37.10.

AltaGas Stock Performance

The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50. The stock’s 50 day moving average price is C$32.13 and its two-hundred day moving average price is C$30.57. The firm has a market capitalization of C$10.27 billion, a PE ratio of 23.81, a PEG ratio of -4.97 and a beta of 1.25.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Thursday, August 1st. The company reported C$0.14 earnings per share 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 business had revenue of C$2.78 billion during the quarter, compared to analysts’ expectations of C$2.54 billion. On average, equities analysts expect that AltaGas Ltd. will post 2.1102066 earnings per share for the current year.

AltaGas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Monday, September 16th will be paid a $0.298 dividend. The ex-dividend date is Monday, September 16th. This represents a $1.19 annualized dividend and a yield of ∞. AltaGas’s payout ratio is currently 82.07%.

Insiders Place Their Bets

In other AltaGas news, Senior Officer Randy Warren Toone sold 3,000 shares of AltaGas stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total value of C$101,460.00. In other AltaGas news, Senior Officer Randy Warren Toone sold 3,000 shares of AltaGas stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total value of C$101,460.00. Also, Director Angela S. Lekatsas purchased 2,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was bought at an average price of C$29.96 per share, for a total transaction of C$59,920.00. In the last three months, insiders bought 20,500 shares of company stock valued at $627,795 and sold 76,970 shares valued at $2,435,103. 0.58% of the stock is 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.