AltaGas (TSE:ALA) Hits New 52-Week High – Time to Buy?

AltaGas Ltd. (TSE:ALA)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock 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.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Scotiabank boosted their target price on shares of AltaGas from C$54.00 to C$57.00 and gave the company a “sector outperform” rating in a research note on Friday, May 1st. TD Securities lifted their price objective 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 lifted their price objective on AltaGas from C$54.00 to C$56.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Royal Bank Of Canada lifted their price objective on AltaGas from C$50.00 to C$55.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Finally, Jefferies Financial Group lifted their price objective on AltaGas from C$49.00 to C$53.00 in a research report on Monday, March 9th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of C$54.25.

AltaGas Trading Up 2.0%

The company has a debt-to-equity ratio of 115.95, a current ratio of 0.88 and a quick ratio of 0.44. The company’s 50 day moving average is C$51.30 and its two-hundred day moving average is C$46.27. The firm has a market cap of C$17.44 billion, a P/E ratio of 34.13, a PEG ratio of -4.97 and a beta of 0.33.

AltaGas (TSE:ALA) last released its earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share for the quarter. AltaGas had a net margin of 4.02% and a return on equity of 5.92%. The business had revenue of C$3.97 billion during the quarter. On average, sell-side analysts predict that AltaGas Ltd. will post 2.3006093 earnings per share for the current year.

AltaGas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th will be paid a $0.334 dividend. This represents a $1.34 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, June 16th. AltaGas’s dividend payout ratio is currently 77.99%.

About AltaGas

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.