AltaGas (TSE:ALA) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

AltaGas Ltd. (TSE:ALA) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$31.46 and traded as high as C$34.36. AltaGas shares last traded at C$33.89, with a volume of 926,325 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ALA shares. CIBC increased their target price on AltaGas from C$38.00 to C$40.00 in a research report on Monday, July 15th. Raymond James upped their price target on shares of AltaGas from C$35.00 to C$37.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. ATB Capital set a C$36.00 price target on shares of AltaGas and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Royal Bank of Canada increased their price objective on AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. lifted their target price on AltaGas from C$33.00 to C$36.00 in a report on Friday, July 19th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, AltaGas has an average rating of “Buy” and an average price target of C$37.90.

AltaGas Price Performance

The stock has a market capitalization of C$10.22 billion, a P/E ratio of 23.69, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The business’s 50 day simple moving average is C$33.68 and its two-hundred day simple moving average is C$31.46. 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 (TSE:ALA) last released its quarterly earnings results on Thursday, August 1st. The company reported C$0.14 earnings per share for the quarter, topping the consensus estimate of C$0.12 by C$0.02. The business had revenue of C$2.78 billion for the quarter, compared to analysts’ expectations of C$2.54 billion. AltaGas had a net margin of 3.58% and a return on equity of 5.78%. As a group, sell-side analysts forecast that AltaGas Ltd. will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 27th were paid a $0.298 dividend. This represents a $1.19 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend was Monday, September 16th. AltaGas’s payout ratio is 82.07%.

Insider Activity

In other AltaGas news, Senior Officer Randy Warren Toone sold 3,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of C$35.32, for a total transaction of C$105,960.00. In other AltaGas news, Senior Officer Randy Warren Toone sold 3,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of C$35.32, for a total transaction of C$105,960.00. Also, Director Aaron Bishop sold 19,820 shares of the business’s 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. Insiders sold 33,320 shares of company stock valued at $1,125,051 in the last three months. Company insiders own 0.58% of the company’s stock.

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.