AltaGas (TSE:ALA) Shares Pass Above 200 Day Moving Average – What’s Next?

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$32.97 and traded as high as C$33.66. AltaGas shares last traded at C$33.48, with a volume of 381,382 shares traded.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Royal Bank of Canada boosted their price objective on AltaGas from C$37.00 to C$40.00 and gave the stock an “outperform” rating in a report on Thursday, October 3rd. BMO Capital Markets increased their price target on shares of AltaGas from C$37.00 to C$40.00 in a report on Thursday, September 5th. Jefferies Financial Group lifted their price objective on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a report on Monday, September 30th. JPMorgan Chase & Co. cut AltaGas from an “overweight” rating to a “neutral” rating and increased their target price for the company from C$36.00 to C$37.00 in a research note on Wednesday, October 23rd. Finally, Scotiabank lifted their price target on AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, AltaGas presently has a consensus rating of “Moderate Buy” and a consensus target price of C$38.10.

AltaGas Stock Performance

The business has a fifty day moving average of C$33.67 and a 200 day moving average of C$32.99. The company has a market cap of C$9.91 billion, a P/E ratio of 22.99, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50.

AltaGas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were given a $0.298 dividend. The ex-dividend date was Monday, December 16th. This represents a $1.19 annualized dividend and a dividend yield of 3.58%. AltaGas’s dividend payout ratio is 82.07%.

Insider Activity at AltaGas

In other news, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of AltaGas stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average cost of C$33.12 per share, with a total value of C$251,719.60. 0.58% of the stock is owned by corporate insiders.

About AltaGas

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.