AltaGas (TSE:ALA) Stock Passes Above Fifty Day Moving Average – What’s Next?

Shares of AltaGas Ltd. (TSE:ALA) crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$53.29 and traded as high as C$53.76. AltaGas shares last traded at C$53.69, with a volume of 1,062,108 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently commented on ALA. ATB Cormark Capital Markets raised their price target on AltaGas from C$54.00 to C$56.00 and gave the company an “outperform” rating in a report on Friday, May 1st. JPMorgan Chase & Co. increased their target price on shares of AltaGas from C$49.00 to C$52.00 in a research report on Tuesday, April 14th. 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 note on Monday, June 1st. Scotiabank increased their price objective on shares of AltaGas from C$54.00 to C$57.00 and gave the company a “sector outperform” rating in a report on Friday, May 1st. Finally, Royal Bank Of Canada raised their price objective on shares of AltaGas from C$50.00 to C$55.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Seven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, AltaGas has an average rating of “Buy” and a consensus price target of C$54.25.

AltaGas Trading Up 2.9%

The business has a fifty day moving average of C$53.29 and a 200-day moving average of C$47.89. The stock has a market capitalization of C$16.73 billion, a price-to-earnings ratio of 32.74, a price-to-earnings-growth ratio of -4.97 and a beta of 0.35. The company has a debt-to-equity ratio of 115.95, a current ratio of 0.88 and a quick ratio of 0.43.

AltaGas (TSE:ALA) last issued its quarterly 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 company had revenue of C$3.97 billion during the quarter. On average, equities analysts anticipate that AltaGas Ltd. will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors 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 2.5%. 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.