AltaGas (TSE:ALA) Reaches New 1-Year High – Time to Buy?

AltaGas Ltd. (TSE:ALA) hit a new 52-week high on Friday . The stock traded as high as C$42.03 and last traded at C$41.79, with a volume of 31582 shares changing hands. The stock had previously closed at C$41.91.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ALA shares. Jefferies Financial Group raised their price objective on AltaGas from C$40.00 to C$46.00 in a report on Wednesday, July 23rd. Veritas upgraded AltaGas to a “strong sell” rating in a report on Friday, May 2nd. ATB Capital lifted their price target on AltaGas from C$42.00 to C$43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 5th. BMO Capital Markets lifted their price target on AltaGas from C$40.00 to C$43.00 in a report on Friday, May 2nd. Finally, National Bankshares lifted their price target on AltaGas from C$44.00 to C$45.00 and gave the stock an “outperform” rating in a report on Tuesday, August 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, AltaGas currently has a consensus rating of “Moderate Buy” and a consensus price target of C$44.33.

AltaGas Trading Down 0.4%

The company has a market cap of C$12.42 billion, a P/E ratio of 24.19, a PEG ratio of -4.97 and a beta of 1.23. The business has a fifty day moving average price of C$39.74 and a 200-day moving average price of C$38.28. The company has a quick ratio of 0.44, a current ratio of 1.03 and a debt-to-equity ratio of 135.26.

AltaGas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a dividend yield of 3.0%. AltaGas’s dividend payout ratio is presently 68.98%.

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.