AltaGas (TSE:ALA) Shares Break Above 50 Day Moving Average – What’s Next?

Shares of AltaGas Ltd. (TSE:ALA) passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of C$54.15 and traded as high as C$54.94. AltaGas shares last traded at C$54.72, with a volume of 720,092 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Scotiabank upped their price objective on shares of AltaGas from C$57.00 to C$62.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 21st. BMO Capital Markets raised their target price on shares of AltaGas from C$54.00 to C$59.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Royal Bank Of Canada boosted their target price on shares of AltaGas from C$55.00 to C$59.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. National Bank Financial upped their price target on shares of AltaGas from C$60.00 to C$61.00 and gave the stock an “outperform” rating in a report on Friday, October 30th. Finally, Canadian Imperial Bank of Commerce downgraded shares of AltaGas from an “outperformer” rating to a “hold” rating and set a C$58.00 price target for the company. in a report on Thursday, October 22nd. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, AltaGas presently has an average rating of “Moderate Buy” and a consensus price target of C$58.10.

AltaGas Stock Performance

The company has a current ratio of 0.85, a quick ratio of 0.43 and a debt-to-equity ratio of 120.38. The company has a market cap of C$17.07 billion, a P/E ratio of 27.36, a price-to-earnings-growth ratio of -4.97 and a beta of 0.30. The company has a 50 day moving average price of C$54.15 and a 200-day moving average price of C$51.48.

AltaGas (TSE:ALA) last announced its quarterly earnings data on Thursday, October 29th. The company reported C$0.29 earnings per share for the quarter. AltaGas had a return on equity of 6.83% and a net margin of 4.33%. The business had revenue of C$3.43 billion during the quarter. On average, equities analysts expect that AltaGas Ltd. will post 2.30 earnings per share for the current fiscal year.

AltaGas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were given a dividend of $0.3340 per share. This represents a $1.34 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Wednesday, September 16th. AltaGas’s dividend payout ratio is currently 65.85%.

About AltaGas

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.