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

AltaGas Ltd. (TSE:ALA)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$39.97 and traded as high as C$42.70. AltaGas shares last traded at C$42.62, with a volume of 537,303 shares traded.

Wall Street Analyst Weigh In

Several brokerages have commented on ALA. Jefferies Financial Group raised their price objective on shares of AltaGas from C$40.00 to C$46.00 in a report on Wednesday, July 23rd. Royal Bank Of Canada raised their target price on AltaGas from C$43.00 to C$44.00 and gave the company an “outperform” rating in a research note on Tuesday, August 5th. CIBC lifted their price target on shares of AltaGas from C$44.00 to C$46.00 and gave the company an “outperform” rating in a research report on Thursday, October 9th. TD Securities lifted their target price on shares of AltaGas from C$45.00 to C$48.00 and gave the company a “buy” rating in a report on Tuesday, August 5th. Finally, Scotiabank lifted their target price on shares of AltaGas from C$46.00 to C$48.00 and gave the company an “outperform” rating in a report on Monday, October 6th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$44.89.

AltaGas Trading Up 0.7%

The stock has a 50-day simple moving average of C$41.87 and a two-hundred day simple moving average of C$39.97. The company has a debt-to-equity ratio of 135.26, a quick ratio of 0.44 and a current ratio of 1.03. The firm has a market cap of C$12.75 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of -4.97 and a beta of 0.13.

AltaGas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 29th were issued a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, September 16th. AltaGas’s payout ratio is presently 47.12%.

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.