AltaGas (TSE:ALA) Hits New 12-Month High – Should You Buy?

AltaGas Ltd. (TSE:ALA) hit a new 52-week high on Wednesday . The stock traded as high as C$55.12 and last traded at C$54.99, with a volume of 253508 shares traded. The stock had previously closed at C$53.92.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ALA. TD Securities raised their target price on AltaGas from C$48.00 to C$51.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Scotiabank raised their target price on AltaGas from C$54.00 to C$57.00 and gave the stock a “sector outperform” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. raised their target price on AltaGas from C$49.00 to C$52.00 in a research report on Tuesday, April 14th. Royal Bank Of Canada raised their target price on AltaGas from C$50.00 to C$55.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Finally, National Bank Financial raised their target price on AltaGas from C$52.00 to C$60.00 and gave the stock an “outperform” rating in a research report on Monday. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of C$54.25.

AltaGas Stock Up 2.0%

The business has a 50 day moving average of C$50.88 and a 200-day moving average of C$46.04. The stock has a market cap of C$17.25 billion, a PE ratio of 33.76, a P/E/G ratio of -4.97 and a beta of 0.38. The company has a current ratio of 0.88, a quick ratio of 0.44 and a debt-to-equity ratio of 115.95.

AltaGas (TSE:ALA) last released its quarterly earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share (EPS) for the quarter. The firm had revenue of C$3.97 billion for the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%. Equities research analysts predict that AltaGas Ltd. will post 2.3006093 EPS for the current fiscal year.

AltaGas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.334 per share. This represents a $1.34 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, June 16th. AltaGas’s dividend payout ratio (DPR) is currently 77.99%.

About AltaGas

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. Natural gas is sold and purchased for both commercial and industrial users.