AltaGas (TSE:ALA) Hits New 12-Month High at $29.75

AltaGas Ltd. (TSE:ALA) reached a new 52-week high on Thursday . The company traded as high as C$29.75 and last traded at C$29.60, with a volume of 33844 shares changing hands. The stock had previously closed at C$29.47.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. TD Securities upped their target price on AltaGas from C$32.00 to C$34.00 and gave the stock a “buy” rating in a report on Monday, March 11th. Jefferies Financial Group set a C$34.00 price objective on AltaGas and gave the company a “buy” rating in a research report on Tuesday, February 27th. Scotiabank increased their price target on AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. CIBC raised their target price on AltaGas from C$34.00 to C$36.00 and gave the stock an “outperform” rating in a report on Friday, December 29th. Finally, National Bankshares raised their target price on AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, AltaGas has a consensus rating of “Buy” and a consensus target price of C$33.23.

AltaGas Price Performance

The company has a debt-to-equity ratio of 125.64, a quick ratio of 0.44 and a current ratio of 0.89. The stock’s 50-day moving average is C$28.54 and its 200 day moving average is C$27.56. The stock has a market capitalization of C$8.74 billion, a PE ratio of 13.04, a P/E/G ratio of -4.97 and a beta of 1.22.

AltaGas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, March 28th will be paid a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a dividend yield of 4.03%. This is a positive change from AltaGas’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Thursday, March 14th. AltaGas’s payout ratio is 52.65%.

Insider Transactions at AltaGas

In other AltaGas news, Senior Officer Randy Warren Toone sold 5,036 shares of the company’s stock in a transaction dated Friday, January 12th. The shares were sold at an average price of C$28.30, for a total value of C$142,518.80. In other news, Director Jeremy Jason Weatherhead sold 12,215 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total value of C$361,564.00. Also, Senior Officer Randy Warren Toone sold 5,036 shares of the stock in a transaction dated Friday, January 12th. The stock was sold at an average price of C$28.30, for a total transaction of C$142,518.80. Insiders have sold a total of 17,275 shares of company stock worth $504,791 over the last ninety days. 0.63% of the stock is currently owned by company insiders.

AltaGas Company Profile

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 1.7 million customers.