AltaGas (TSE:ALA) Hits New 52-Week High – Here’s Why

AltaGas Ltd. (TSE:ALA – Get Free Report) shares hit a new 52-week high on Wednesday . The company traded as high as C$56.24 and last traded at C$55.99, with a volume of 352918 shares changing hands. The stock had previously closed at C$54.89.

Wall Street Analyst Weigh In

ALA has been the subject of several research reports. National Bank Financial increased their price objective on shares of AltaGas from C$52.00 to C$60.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Jefferies Financial Group upped their price objective on AltaGas from C$49.00 to C$53.00 in a research report on Monday, March 9th. TD Securities lifted their target price on AltaGas from C$48.00 to C$51.00 and gave the company a “buy” rating in a research report on Monday, March 9th. ATB Cormark Capital Markets boosted their target price on AltaGas from C$54.00 to C$56.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Finally, Scotiabank upped their price target on AltaGas from C$54.00 to C$57.00 and gave the stock a “sector outperform” rating in a research report on Friday, May 1st. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, AltaGas has an average rating of “Buy” and an average price target of C$54.25.

Get AltaGas alerts:

Check Out Our Latest Analysis on ALA

AltaGas Stock Performance

The company has a market capitalization of C$17.36 billion, a price-to-earnings ratio of 33.97, a P/E/G ratio of -4.97 and a beta of 0.33. The stock’s 50 day moving average price is C$51.59 and its 200 day moving average price is C$46.45. The company has a current ratio of 0.88, a quick ratio of 0.44 and a debt-to-equity ratio of 115.95.

AltaGas (TSE:ALA – Get Free Report) last released its earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share (EPS) for the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%.The business had revenue of C$3.97 billion for the quarter. Analysts expect that AltaGas Ltd. will post 2.3006093 earnings per share for the current year.

AltaGas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.334 per share. This represents a $1.34 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, June 16th. AltaGas’s payout ratio is presently 77.99%.

About AltaGas

(Get Free Report)

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.

Recommended Stories

• Five stocks we like better than AltaGas
• Applied Digital Is Building a $36 Billion AI Real Estate Empire
• Why Oracle’s 10% Drop May Be Telling the Wrong Story
• Build On a Strong Earnings Season With These 3 ETFs
• Microsoft Just Gave Investors 3 Dates They Can’t Afford to Ignore

Receive News & Ratings for AltaGas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AltaGas and related companies with MarketBeat.com's FREE daily email newsletter.