AltaGas Ltd. (TSE:ALA) Receives Average Rating of “Moderate Buy” from Analysts

Shares of AltaGas Ltd. (TSE:ALA) have earned an average recommendation of “Moderate Buy” from the ten brokerages that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is C$38.30.

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut AltaGas from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from C$36.00 to C$37.00 in a research report on Wednesday, October 23rd. CIBC boosted their target price on AltaGas from C$40.00 to C$42.00 and gave the company an “outperform” rating in a research note on Thursday, January 9th. Finally, Scotiabank raised their price target on shares of AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th.

AltaGas Price Performance

Shares of TSE ALA opened at C$34.59 on Thursday. The company has a fifty day moving average price of C$33.79 and a 200 day moving average price of C$33.66. The firm has a market cap of C$10.29 billion, a PE ratio of 23.86, a PEG ratio of -4.97 and a beta of 1.23. The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50. AltaGas has a 1-year low of C$26.97 and a 1-year high of C$35.77.

AltaGas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date was Monday, December 16th. AltaGas’s dividend payout ratio is currently 82.07%.

Insider Activity

In other news, Senior Officer Donald Mark Jenkins sold 12,352 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of C$33.90, for a total value of C$418,732.80. Also, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of AltaGas stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average price of C$32.97 per share, with a total value of C$250,549.20. 0.58% of the stock is currently owned by insiders.

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.