AltaGas (TSE:ALA) Reaches New 52-Week High – Still a Buy?

AltaGas Ltd. (TSE:ALA)’s stock price reached a new 52-week high on Monday . The stock traded as high as C$35.81 and last traded at C$35.71, with a volume of 60395 shares. The stock had previously closed at C$35.45.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ALA. Scotiabank upped their price objective on AltaGas from C$39.00 to C$40.00 and gave the company an “outperform” rating in a research note on Thursday, February 13th. CIBC raised their price target on shares of AltaGas from C$40.00 to C$42.00 and gave the company an “outperform” rating in a research note on Thursday, January 9th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, AltaGas currently has an average rating of “Moderate Buy” and a consensus target price of C$38.40.

AltaGas Stock Up 2.4 %

The stock’s 50-day moving average price is C$34.28 and its 200-day moving average price is C$33.99. The company has a current ratio of 1.03, a quick ratio of 0.44 and a debt-to-equity ratio of 135.26. The stock has a market cap of C$10.84 billion, a price-to-earnings ratio of 21.12, a P/E/G ratio of -4.97 and a beta of 1.23.

AltaGas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were issued a $0.298 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $1.19 annualized dividend and a yield of 3.27%. AltaGas’s payout ratio is 68.98%.

Insider Buying and Selling at AltaGas

In other AltaGas news, Senior Officer Donald Mark Jenkins sold 12,352 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of C$33.90, for a total value of C$418,732.80. Also, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of the business’s stock in a transaction on Friday, December 13th. The shares were acquired at an average price of C$32.97 per share, for a total transaction of C$250,549.20. Insiders own 0.58% of the company’s stock.

AltaGas Company Profile

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.