AltaGas (TSE:ALA) Reaches New 12-Month High Following Analyst Upgrade

AltaGas Ltd. (TSE:ALA) shares hit a new 52-week high during mid-day trading on Wednesday after Scotiabank raised their price target on the stock from C$36.00 to C$38.00. Scotiabank currently has an outperform rating on the stock. AltaGas traded as high as C$33.94 and last traded at C$33.89, with a volume of 93225 shares changing hands. The stock had previously closed at C$33.73.

A number of other equities research analysts have also weighed in on ALA. National Bankshares raised their price target on shares of AltaGas from C$35.00 to C$36.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. CIBC raised their price target on shares of AltaGas from C$38.00 to C$40.00 in a report on Monday, July 15th. JPMorgan Chase & Co. raised their price objective on shares of AltaGas from C$33.00 to C$36.00 in a report on Friday, July 19th. Royal Bank of Canada raised their price objective on shares of AltaGas from C$34.00 to C$37.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, ATB Capital raised their price objective on shares of AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a report on Thursday, May 30th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of C$36.80.

Insider Transactions at AltaGas

In other news, Senior Officer Bertram Grant Bradley sold 7,500 shares of AltaGas stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of C$33.61, for a total value of C$252,075.00. In related news, Director Deborah Susan Stein sold 1,650 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of C$30.64, for a total transaction of C$50,556.00. Also, Senior Officer Bertram Grant Bradley sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of C$33.61, for a total transaction of C$252,075.00. Over the last ninety days, insiders have bought 20,500 shares of company stock valued at $627,795 and have sold 73,970 shares valued at $2,333,643. 0.58% of the stock is currently owned by insiders.

AltaGas Price Performance

The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. The company’s 50-day simple moving average is C$31.65 and its 200 day simple moving average is C$30.23. The company has a market capitalization of C$10.08 billion, a P/E ratio of 23.33, a P/E/G ratio of -4.97 and a beta of 1.25.

AltaGas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 16th will be paid a $0.298 dividend. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend is Monday, September 16th. AltaGas’s dividend payout ratio is 82.07%.

AltaGas Company Profile

AltaGas Ltd. operates as an energy infrastructure company in North America. The company operates through Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.6 million customers.