Insider Buying: AltaGas Ltd. (TSE:ALA) Director Purchases 19,239 Shares of Stock

AltaGas Ltd. (TSE:ALA) Director Derek Watson Evans bought 19,239 shares of the stock in a transaction on Wednesday, March 26th. The stock was purchased at an average price of C$38.98 per share, with a total value of C$749,936.22.

AltaGas Stock Up 0.8 %

AltaGas stock opened at C$38.99 on Friday. AltaGas Ltd. has a 52 week low of C$28.76 and a 52 week high of C$39.28. The firm has a market cap of C$11.61 billion, a price-to-earnings ratio of 22.60, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The business’s 50-day moving average price is C$35.85 and its 200 day moving average price is C$34.58. 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 (TSE:ALA) last posted its earnings results on Friday, March 7th. The company reported C$0.76 earnings per share (EPS) for the quarter. AltaGas had a net margin of 4.04% and a return on equity of 6.36%. As a group, sell-side analysts anticipate that AltaGas Ltd. will post 2.3006093 earnings per share for the current year.

AltaGas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 31st will be given a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend is Monday, March 17th. This is an increase from AltaGas’s previous quarterly dividend of $0.30. AltaGas’s dividend payout ratio is 68.98%.

Analysts Set New Price Targets

Several research analysts recently weighed in on ALA shares. CIBC boosted their target price on AltaGas from C$40.00 to C$42.00 and gave the stock an “outperform” rating in a research note on Thursday, January 9th. Scotiabank boosted their price target on AltaGas from C$40.00 to C$42.00 in a research note on Monday, March 10th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$39.11.

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.