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

AltaGas Ltd. (TSE:ALA) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$35.82 and traded as high as C$37.91. AltaGas shares last traded at C$37.51, with a volume of 708,480 shares trading hands.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Royal Bank of Canada boosted their price objective on shares of AltaGas from C$40.00 to C$43.00 and gave the company an “outperform” rating in a research report on Friday, May 2nd. BMO Capital Markets boosted their price objective on shares of AltaGas from C$40.00 to C$43.00 in a research report on Friday, May 2nd. JPMorgan Chase & Co. boosted their price objective on shares of AltaGas from C$39.00 to C$41.00 in a research report on Monday, April 21st. Scotiabank boosted their price objective on shares of AltaGas from C$42.00 to C$45.00 and gave the company an “outperform” rating in a research report on Friday, May 2nd. Finally, CIBC boosted their price objective on shares of AltaGas from C$42.00 to C$43.00 and gave the company an “outperform” rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, AltaGas currently has an average rating of “Moderate Buy” and an average price target of C$41.33.

AltaGas Stock Up 0.6%

The firm’s fifty day moving average price is C$38.66 and its 200-day moving average price is C$35.82. The company has a market capitalization of C$11.17 billion, a price-to-earnings ratio of 21.74, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44.

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

AltaGas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were paid a $0.315 dividend. This is a boost from AltaGas’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Monday, March 17th. This represents a $1.26 annualized dividend and a dividend yield of 3.36%. AltaGas’s dividend payout ratio is presently 68.98%.

Insider Transactions at AltaGas

In other news, Senior Officer Randy Warren Toone sold 92,000 shares of the stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of C$39.19, for a total transaction of C$3,605,480.00. Also, Director Peter James Ledig sold 25,200 shares of the 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. Insiders sold 400,214 shares of company stock worth $15,372,463 over the last ninety days. 0.58% of the stock is 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.