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

Shares of AltaGas Ltd. (TSE:ALA) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$51.81 and traded as high as C$53.93. AltaGas shares last traded at C$53.78, with a volume of 722,681 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ALA shares. National Bank Financial upped their price target 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. ATB Cormark Capital Markets lifted their price objective on shares of AltaGas from C$60.00 to C$63.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Scotiabank boosted their target price on shares of AltaGas from C$57.00 to C$62.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 21st. 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 research report on Friday, July 31st. Finally, Royal Bank Of Canada raised their price target 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. Eight research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of C$56.56.

AltaGas Stock Down 0.7%

The company has a market cap of C$16.20 billion, a price-to-earnings ratio of 26.22, a price-to-earnings-growth ratio of -4.97 and a beta of 0.28. The stock has a 50-day simple moving average of C$53.97 and a 200-day simple moving average of C$51.86. The company has a current ratio of 0.86, a quick ratio of 0.43 and a debt-to-equity ratio of 112.99.

AltaGas (TSE:ALA) last issued its quarterly earnings results on Thursday, July 30th. The company reported C$0.31 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 for the quarter. As a group, analysts predict that AltaGas Ltd. will post 2.3006093 EPS for the current 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 paid a dividend of $0.334 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.34 annualized dividend and a yield of 2.6%. AltaGas’s dividend payout ratio (DPR) 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.