AltaGas (TSE:ALA) Stock Passes Above 200-Day Moving Average – Here’s Why

AltaGas Ltd. (TSE:ALA) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$50.47 and traded as high as C$53.66. AltaGas shares last traded at C$53.65, with a volume of 729,353 shares trading hands.

Wall Street Analyst Weigh In

ALA has been the subject of a number of research reports. BMO Capital Markets upped their target price on shares of AltaGas from C$54.00 to C$59.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Royal Bank Of Canada upped their price objective on shares of AltaGas from C$55.00 to C$59.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. ATB Cormark Capital Markets boosted their target price on AltaGas from C$60.00 to C$63.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Scotiabank upped their price target on 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. Finally, National Bank Financial lifted their price objective on AltaGas from C$52.00 to C$60.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Eight investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, AltaGas presently has a consensus rating of “Buy” and an average price target of C$56.56.

AltaGas Trading Up 1.0%

The stock has a market cap of C$16.74 billion, a PE ratio of 27.10, a price-to-earnings-growth ratio of -4.97 and a beta of 0.33. The company’s 50-day moving average price is C$54.38 and its 200 day moving average price is C$50.47. The company has a debt-to-equity ratio of 112.99, a quick ratio of 0.43 and a current ratio of 0.86.

AltaGas (TSE:ALA) last posted its earnings results on Thursday, July 30th. The company reported C$0.31 earnings per share (EPS) for the quarter. AltaGas had a return on equity of 7.00% and a net margin of 4.59%.The company had revenue of C$3.80 billion during the quarter. On average, sell-side analysts forecast that AltaGas Ltd. will post 2.3006093 EPS for the current fiscal year.

AltaGas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were given a $0.334 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.34 dividend on an annualized basis and a yield of 2.5%. AltaGas’s dividend payout ratio is presently 65.56%.

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.