AltaGas (TSE:ALA) Reaches New 12-Month High – Still a Buy?

Shares of AltaGas Ltd. (TSE:ALA) reached a new 52-week high on Wednesday . The stock traded as high as C$45.37 and last traded at C$44.86, with a volume of 886307 shares traded. The stock had previously closed at C$44.95.

Analyst Upgrades and Downgrades

ALA has been the subject of several research analyst reports. Scotiabank lifted their target price on shares of AltaGas from C$48.00 to C$50.00 in a research report on Tuesday, December 16th. Royal Bank Of Canada lifted their price objective on shares of AltaGas from C$44.00 to C$48.00 in a report on Friday, October 31st. JPMorgan Chase & Co. increased their target price on AltaGas from C$45.00 to C$47.00 in a research note on Wednesday, December 3rd. ATB Cormark Capital Markets raised their price target on AltaGas from C$48.00 to C$49.00 and gave the company an “outperform” rating in a research report on Tuesday, December 23rd. Finally, National Bank Financial lifted their price target on AltaGas from C$46.00 to C$50.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$48.11.

AltaGas Price Performance

The firm has a fifty day moving average of C$41.80 and a two-hundred day moving average of C$42.01. The company has a current ratio of 1.03, a quick ratio of 0.44 and a debt-to-equity ratio of 135.26. The company has a market capitalization of C$13.96 billion, a PE ratio of 18.02, a PEG ratio of -4.97 and a beta of 0.37.

AltaGas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, December 16th. AltaGas’s dividend payout ratio is 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.