AltaGas (TSE:ALA) Sets New 12-Month High at $29.99

AltaGas Ltd. (TSE:ALA) shares hit a new 52-week high on Friday . The company traded as high as C$29.99 and last traded at C$29.93, with a volume of 89689 shares changing hands. The stock had previously closed at C$29.47.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Scotiabank upped their target price on AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Jefferies Financial Group set a C$34.00 price objective on AltaGas and gave the company a “buy” rating in a report on Tuesday, February 27th. CIBC lifted 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. TD Securities upped their target price on AltaGas from C$32.00 to C$34.00 and gave the company a “buy” rating in a research report on Monday, March 11th. Finally, National Bankshares raised their price target on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of C$33.75.

AltaGas Stock Performance

The company has a current ratio of 0.89, a quick ratio of 0.44 and a debt-to-equity ratio of 125.64. The firm’s fifty day moving average price is C$29.06 and its two-hundred day moving average price is C$27.89. The stock has a market capitalization of C$8.83 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of -4.97 and a beta of 1.22.

AltaGas (TSE:ALA) last released its quarterly earnings data on Friday, March 8th. The company reported C$0.75 earnings per share for the quarter, meeting analysts’ consensus estimates of C$0.75. The company had revenue of C$3.29 billion during the quarter, compared to analysts’ expectations of C$4.11 billion. AltaGas had a net margin of 5.18% and a return on equity of 8.90%. As a group, equities research analysts forecast that AltaGas Ltd. will post 2.1549815 EPS for the current year.

AltaGas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 28th were issued a $0.298 dividend. This is a boost from AltaGas’s previous quarterly dividend of $0.28. The ex-dividend date was Thursday, March 14th. This represents a $1.19 dividend on an annualized basis and a yield of 3.99%. AltaGas’s dividend payout ratio is presently 52.65%.

Insider Buying and Selling at AltaGas

In other news, Director Jeremy Jason Weatherhead sold 12,215 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of C$29.60, for a total transaction of C$361,564.00. In other news, Director Jeremy Jason Weatherhead sold 12,215 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total transaction of C$361,564.00. Also, Senior Officer Randy Warren Toone sold 40,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. Over the last three months, insiders have sold 68,239 shares of company stock valued at $2,002,672. Company insiders own 0.57% of the company’s stock.

About AltaGas

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 1.6 million customers.