AltaGas (TSE:ALA) Sets New 12-Month High – Time to Buy?

AltaGas Ltd. (TSE:ALA)’s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as C$38.59 and last traded at C$38.47, with a volume of 270484 shares trading hands. The stock had previously closed at C$38.37.

Analyst Ratings Changes

ALA has been the subject of a number of research analyst reports. Scotiabank upped their price objective on shares of AltaGas from C$40.00 to C$42.00 in a research report on Monday, March 10th. CIBC boosted their target price on shares of AltaGas from C$40.00 to C$42.00 and gave the stock an “outperform” rating in a research note on Thursday, January 9th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of C$39.11.

AltaGas Stock Up 0.4 %

The stock has a market capitalization of C$11.46 billion, a price-to-earnings ratio of 22.32, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The company has a quick ratio of 0.44, a current ratio of 1.03 and a debt-to-equity ratio of 135.26. The business’s 50-day moving average is C$35.37 and its two-hundred day moving average is C$34.40.

AltaGas (TSE:ALA) last posted its quarterly earnings results on Friday, March 7th. The company reported C$0.76 earnings per share (EPS) for the quarter. AltaGas had a return on equity of 6.36% and a net margin of 4.04%. Equities analysts anticipate that AltaGas Ltd. will post 2.3006093 EPS for the current year.

AltaGas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 31st will be issued a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Monday, March 17th. This is a positive change from AltaGas’s previous quarterly dividend of $0.30. AltaGas’s payout ratio is currently 68.98%.

Insider Activity

In other AltaGas news, Director Peter James Ledig sold 25,200 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of C$38.35, for a total transaction of C$966,420.00. Also, Senior Officer Donald Mark Jenkins sold 12,352 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of C$33.90, for a total value of C$418,732.80. In the last quarter, insiders have sold 290,205 shares of company stock valued at $10,996,826. 0.58% of the stock is currently owned by insiders.

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.