AltaGas (TSE:ALA) Sets New 52-Week High Following Analyst Upgrade

AltaGas Ltd. (TSE:ALA) reached a new 52-week high during mid-day trading on Monday after Royal Bank Of Canada raised their price target on the stock from C$48.00 to C$50.00. Royal Bank Of Canada currently has an outperform rating on the stock. AltaGas traded as high as C$47.99 and last traded at C$47.51, with a volume of 4485396 shares. The stock had previously closed at C$46.28.

ALA has been the subject of several other research reports. Scotiabank increased their target price on AltaGas from C$50.00 to C$52.00 and gave the stock an “outperform” rating in a research report on Monday. Jefferies Financial Group lifted their target price on shares of AltaGas from C$49.00 to C$53.00 in a report on Monday. JPMorgan Chase & Co. boosted their price target on AltaGas from C$45.00 to C$47.00 in a research report on Wednesday, December 3rd. Canadian Imperial Bank of Commerce raised their price objective on AltaGas from C$47.00 to C$50.00 in a research report on Wednesday, December 17th. Finally, ATB Cormark Capital Markets lifted their price objective on AltaGas from C$49.00 to C$52.00 and gave the company an “outperform” rating in a research note on Monday. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$49.89.

AltaGas Stock Performance

The company has a quick ratio of 0.44, a current ratio of 0.88 and a debt-to-equity ratio of 126.46. The stock has a market capitalization of C$14.79 billion, a P/E ratio of 19.09, a P/E/G ratio of -4.97 and a beta of 0.49. The business has a fifty day moving average price of C$42.96 and a 200-day moving average price of C$42.43.

AltaGas (TSE:ALA) last released its quarterly earnings data on Friday, March 6th. The company reported C$0.77 EPS for the quarter. The company had revenue of C$3.29 billion during the quarter. AltaGas had a return on equity of 8.78% and a net margin of 6.15%. On average, sell-side analysts expect that AltaGas Ltd. will post 2.3006093 EPS for the current year.

AltaGas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.7%. AltaGas’s payout ratio is currently 49.90%.

AltaGas Company Profile

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.