AltaGas Ltd. (TSE:ALA – Get Free Report) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$30.90 and traded as high as C$35.00. AltaGas shares last traded at C$34.85, with a volume of 2,573,340 shares.
Analyst Ratings Changes
Several research analysts recently issued reports on the stock. ATB Capital increased their target price on shares of AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a research note on Thursday, May 30th. Royal Bank of Canada increased their target price on shares of AltaGas from C$34.00 to C$37.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Scotiabank increased their target price on shares of AltaGas from C$36.00 to C$38.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. raised their price objective on shares of AltaGas from C$33.00 to C$36.00 in a research note on Friday, July 19th. Finally, Jefferies Financial Group raised their price objective on shares of AltaGas from C$34.00 to C$37.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, AltaGas presently has an average rating of “Buy” and a consensus price target of C$37.40.
Check Out Our Latest Analysis on ALA
AltaGas Price Performance
AltaGas (TSE:ALA – Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported C$0.14 EPS for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.02. AltaGas had a net margin of 3.58% and a return on equity of 5.78%. The company had revenue of C$2.78 billion during the quarter, compared to analyst estimates of C$2.54 billion.
AltaGas Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 27th will be given a $0.298 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.19 dividend on an annualized basis and a dividend yield of ∞. AltaGas’s dividend payout ratio (DPR) is currently 82.07%.
Insider Activity
In other news, Senior Officer Randy Warren Toone sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of C$29.85, for a total value of C$597,006.00. In other AltaGas news, Senior Officer Randy Warren Toone sold 20,000 shares of AltaGas stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of C$29.85, for a total transaction of C$597,006.00. Also, Director Aaron Bishop sold 19,820 shares of AltaGas stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total transaction of C$665,555.60. Over the last ninety days, insiders sold 65,320 shares of company stock worth $2,074,947. 0.58% of the stock is owned by company 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.
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