AltaGas (TSE:ALA) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

AltaGas Ltd. (TSE:ALA) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$32.13 and traded as high as C$33.71. AltaGas shares last traded at C$33.43, with a volume of 448,292 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Jefferies Financial Group boosted their price target on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. downgraded AltaGas from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from C$36.00 to C$37.00 in a research report on Wednesday, October 23rd. National Bankshares boosted their price objective on AltaGas from C$36.00 to C$39.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Scotiabank boosted their price objective on AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, Raymond James boosted their price objective on AltaGas from C$35.00 to C$37.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$38.10.

AltaGas Price Performance

The stock has a market capitalization of C$9.94 billion, a price-to-earnings ratio of 23.06, a P/E/G ratio of -4.97 and a beta of 1.23. The stock has a fifty day moving average of C$34.05 and a 200-day moving average of C$32.13. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50.

AltaGas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a $0.298 dividend. This represents a $1.19 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Monday, December 16th. AltaGas’s payout ratio is currently 82.07%.

Insider Activity

In other news, Director Aaron Bishop sold 19,820 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total value of C$665,555.60. In other news, Director Aaron Bishop sold 19,820 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total transaction of C$665,555.60. Also, Senior Officer Randy Warren Toone sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of C$33.82, for a total value of C$101,460.00. Over the last ninety days, insiders sold 33,320 shares of company stock valued at $1,125,051. 0.58% of the stock is currently owned by company insiders.

About AltaGas

AltaGas Ltd. operates as an energy infrastructure company in North America. The company operates through Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.6 million customers.