AltaGas (TSE:ALA) Share Price Breaks Above 200 Day Moving Average – Here’s What Happened

Shares of AltaGas Ltd. (TSE:ALA) passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of C$52.27 and traded as high as C$53.94. AltaGas shares last traded at C$53.89, with a volume of 3,271,767 shares traded.

Analyst Ratings Changes

A number of brokerages recently commented on ALA. National Bank Financial upped their target price on AltaGas from C$52.00 to C$60.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Scotiabank boosted their price objective on shares of AltaGas from C$57.00 to C$62.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 21st. Royal Bank Of Canada raised their target price on shares of AltaGas from C$55.00 to C$59.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. BMO Capital Markets lifted their target price on shares of AltaGas from C$54.00 to C$59.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, ATB Cormark Capital Markets increased their price target on shares of AltaGas from C$60.00 to C$63.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Eight research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of C$56.56.

AltaGas Stock Performance

The company has a 50 day moving average of C$53.77 and a two-hundred day moving average of C$52.32. The company has a debt-to-equity ratio of 112.99, a current ratio of 0.86 and a quick ratio of 0.43. The company has a market capitalization of C$16.29 billion, a PE ratio of 26.37, a PEG ratio of -4.97 and a beta of 0.28.

AltaGas (TSE:ALA) last announced its earnings results on Thursday, July 30th. The company reported C$0.31 EPS for the quarter. The firm had revenue of C$3.80 billion for the quarter. AltaGas had a net margin of 4.59% and a return on equity of 7.00%. As a group, equities research analysts predict that AltaGas Ltd. will post 2.3006093 earnings per share for the current year.

AltaGas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th will be issued a $0.3340 dividend. This represents a $1.34 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 16th. AltaGas’s payout ratio is 65.56%.

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.