Altagas (ALA) Shares Up 4.5% Following Dividend Announcement

Altagas Ltd (TSE:ALA)’s share price shot up 4.5% on Thursday after the company announced a dividend. The stock traded as high as C$14.43 and last traded at C$14.35. 338,351 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 1,245,284 shares. The stock had previously closed at C$13.73.

The newly announced dividend which will be paid on Friday, February 15th. Investors of record on Friday, January 25th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, January 24th. This represents a $0.96 annualized dividend and a yield of 6.85%. Altagas’s payout ratio is -62.95%.

Several research firms recently weighed in on ALA. Raymond James cut their target price on shares of Altagas from C$24.00 to C$22.00 in a research note on Wednesday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a C$14.00 target price on shares of Altagas in a research note on Wednesday, December 19th. Desjardins reaffirmed a “buy” rating and set a C$18.00 target price on shares of Altagas in a research note on Monday, December 17th. BMO Capital Markets dropped their price objective on shares of Altagas from C$20.00 to C$17.00 and set a “market perform” rating for the company in a research note on Friday, December 14th. Finally, CIBC dropped their price objective on shares of Altagas from C$24.00 to C$20.00 in a research note on Friday, December 14th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Altagas currently has an average rating of “Hold” and an average price target of C$20.59.

The company has a debt-to-equity ratio of 147.75, a quick ratio of 0.21 and a current ratio of 0.77.

Altagas (TSE:ALA) last issued its quarterly earnings data on Tuesday, October 30th. The company reported C($0.07) EPS for the quarter, topping analysts’ consensus estimates of C($0.10) by C$0.03. The business had revenue of C$1.04 billion during the quarter, compared to analysts’ expectations of C$1.12 billion. On average, sell-side analysts anticipate that Altagas Ltd will post 1.01999995659575 earnings per share for the current fiscal year.

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Altagas Company Profile (TSE:ALA)

AltaGas Ltd. operates as a diversified energy infrastructure company in North America. It operates through three segments: Gas, Power, and Utilities. The Gas segment engages in natural gas gathering and processing; natural gas liquids (NGL) extraction and separation, transmission, and storage; and natural gas and NGL marketing activities, as well as buying and selling natural gas.

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