AltaGas (TSE:ALA) Reaches New 52-Week High Following Analyst Upgrade

AltaGas Ltd. (TSE:ALA) shares reached a new 52-week high on Monday after Royal Bank Of Canada raised their price target on the stock from C$48.00 to C$50.00. Royal Bank Of Canada currently has an outperform rating on the stock. AltaGas traded as high as C$47.99 and last traded at C$47.51, with a volume of 4485396 shares trading hands. The stock had previously closed at C$46.28.

ALA has been the topic of several other reports. Scotiabank raised their target price on AltaGas from C$50.00 to C$52.00 and gave the company an “outperform” rating in a research report on Monday. National Bank Financial increased their price target on AltaGas from C$50.00 to C$51.00 and gave the stock an “outperform” rating in a research note on Monday. ATB Cormark Capital Markets lifted their price objective on shares of AltaGas from C$49.00 to C$52.00 and gave the company an “outperform” rating in a research note on Monday. JPMorgan Chase & Co. upped their price objective on shares of AltaGas from C$45.00 to C$47.00 in a report on Wednesday, December 3rd. Finally, TD Securities increased their target price on shares of AltaGas from C$48.00 to C$51.00 and gave the company a “buy” rating in a research report on Monday. Seven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, AltaGas has an average rating of “Moderate Buy” and a consensus target price of C$49.89.

AltaGas News Summary

Here are the key news stories impacting AltaGas this week:

• Positive Sentiment: Royal Bank of Canada raised its price target to C$50 and kept an “outperform” rating, signaling confidence in AltaGas’s outlook. BayStreet.CA
• Positive Sentiment: National Bank Financial boosted its target to C$51 and maintained an “outperform” call, adding further upward pressure. BayStreet.CA
• Positive Sentiment: TD Securities raised its target to C$51 and kept a “buy” rating, reinforcing consensus bullishness among Canadian brokers. BayStreet.CA
• Positive Sentiment: ATB Cormark Capital Markets lifted its target to C$52 with an “outperform” rating, one of the higher raises in this wave. BayStreet.CA TickerReport
• Positive Sentiment: Scotiabank increased its target to C$52 and maintained an “outperform” view, contributing to the broad-based analyst support. BayStreet.CA
• Positive Sentiment: Jefferies raised its target to C$53, the highest among the recent updates, suggesting roughly double-digit upside vs. recent levels. BayStreet.CA
• Neutral Sentiment: Media coverage noted AltaGas’s recent quarterly profit increase, which underpins the analyst optimism but is already reflected in prior earnings releases. MSN: Market open

AltaGas Stock Performance

The company has a fifty day moving average price of C$43.07 and a two-hundred day moving average price of C$42.47. The firm has a market cap of C$14.86 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of -4.97 and a beta of 0.49. The company has a debt-to-equity ratio of 126.46, a current ratio of 0.88 and a quick ratio of 0.44.

AltaGas (TSE:ALA) last released its earnings results on Friday, March 6th. The company reported C$0.77 earnings per share (EPS) for the quarter. AltaGas had a return on equity of 8.78% and a net margin of 6.15%.The firm had revenue of C$3.29 billion for the quarter. As a group, equities research analysts expect that AltaGas Ltd. will post 2.3006093 EPS for the current year.

AltaGas Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were issued a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Tuesday, December 16th. AltaGas’s payout ratio is presently 49.90%.

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.