AltaGas (TSE:ALA) Stock Price Passes Above 200 Day Moving Average – Here’s Why

Shares of AltaGas Ltd. (TSE:ALA) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$33.38 and traded as high as C$34.57. AltaGas shares last traded at C$34.09, with a volume of 665,049 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ALA. JPMorgan Chase & Co. cut AltaGas from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from C$36.00 to C$37.00 in a research report on Wednesday, October 23rd. Scotiabank boosted their price target on shares of AltaGas from C$38.00 to C$39.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Royal Bank of Canada raised their price objective on shares of AltaGas from C$37.00 to C$40.00 and gave the stock an “outperform” rating in a report on Thursday, October 3rd. CIBC upped their target price on shares of AltaGas from C$40.00 to C$42.00 and gave the company an “outperform” rating in a research note on Thursday, January 9th. Finally, Jefferies Financial Group increased their price target on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of C$38.30.

AltaGas Stock Down 1.7 %

The company has a market cap of C$10.14 billion, a P/E ratio of 23.51, a PEG ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 115.50, a current ratio of 0.85 and a quick ratio of 0.44. The business’s 50 day moving average price is C$33.83 and its 200-day moving average price is C$33.38.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Thursday, October 31st. The company reported C$0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.10 by C$0.04. AltaGas had a return on equity of 5.78% and a net margin of 3.58%. During the same period in the prior year, the business posted $0.10 earnings per share. On average, analysts anticipate that AltaGas Ltd. will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were given a dividend of $0.298 per share. The ex-dividend date was Monday, December 16th. This represents a $1.19 annualized dividend and a yield of 3.50%. AltaGas’s dividend payout ratio (DPR) is 82.07%.

Insider Buying and Selling at AltaGas

In other news, Senior Officer Donald Mark Jenkins sold 12,352 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of C$33.90, for a total transaction of C$418,732.80. Also, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were purchased at an average cost of C$32.97 per share, for a total transaction of C$250,549.20. Corporate insiders own 0.58% of the company’s stock.

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.