AltaGas (TSE:ALA) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

AltaGas Ltd. (TSE:ALA) shares crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$34.87 and traded as high as C$38.53. AltaGas shares last traded at C$38.19, with a volume of 626,775 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Scotiabank raised their target price on AltaGas from C$40.00 to C$42.00 in a report on Monday, March 10th. CIBC raised their price objective on shares of AltaGas from C$40.00 to C$42.00 and gave the company an “outperform” rating in a research note on Thursday, January 9th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$39.11.

AltaGas Price Performance

The stock’s 50 day moving average is C$36.78 and its two-hundred day moving average is C$34.87. The stock has a market capitalization of C$11.37 billion, a PE ratio of 22.14, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 135.26, a current ratio of 1.03 and a quick ratio of 0.44.

AltaGas (TSE:ALA) last announced its quarterly earnings data on Friday, March 7th. The company reported C$0.76 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 forecast that AltaGas Ltd. will post 2.3006093 earnings per share for the current fiscal year.

AltaGas Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 31st were issued a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a yield of 3.30%. This is an increase from AltaGas’s previous quarterly dividend of $0.30. The ex-dividend date was Monday, March 17th. AltaGas’s payout ratio is 68.98%.

Insider Activity

In related news, Senior Officer Donald Mark Jenkins sold 12,352 shares of the stock in a transaction on 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 Randy Warren Toone sold 92,000 shares of the business’s stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of C$39.19, for a total transaction of C$3,605,480.00. In the last 90 days, insiders have sold 410,766 shares of company stock worth $15,720,960. 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.