AltaGas (TSE:ALA) Sets New 52-Week High – Time to Buy?

AltaGas Ltd. (TSE:ALA)’s stock price hit a new 52-week high on Tuesday . The company traded as high as C$45.79 and last traded at C$45.40, with a volume of 545182 shares. The stock had previously closed at C$45.18.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ALA. Scotiabank boosted their target price on shares of AltaGas from C$48.00 to C$50.00 in a research note on Tuesday, December 16th. ATB Cormark Capital Markets raised their target price on AltaGas from C$48.00 to C$49.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 23rd. Canadian Imperial Bank of Commerce boosted their target price on AltaGas from C$47.00 to C$50.00 in a research note on Wednesday, December 17th. Jefferies Financial Group increased their price target on AltaGas from C$47.00 to C$48.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, JPMorgan Chase & Co. boosted their price objective on AltaGas from C$45.00 to C$47.00 in a research note on Wednesday, December 3rd. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$48.11.

AltaGas Stock Performance

The business has a 50 day moving average of C$42.08 and a 200-day moving average of C$42.12. The company has a market capitalization of C$14.12 billion, a P/E ratio of 18.23, a price-to-earnings-growth ratio of -4.97 and a beta of 0.37. The company has a debt-to-equity ratio of 135.26, a quick ratio of 0.44 and a current ratio of 1.03.

AltaGas Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were paid a $0.315 dividend. The ex-dividend date was Tuesday, December 16th. This represents a $1.26 annualized dividend and a yield of 2.8%. AltaGas’s dividend payout ratio is currently 49.90%.

About AltaGas

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage. Natural gas is sold and purchased for both commercial and industrial users.