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

AltaGas Ltd. (TSE:ALA) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$32.29 and traded as high as C$34.84. AltaGas shares last traded at C$34.66, with a volume of 590,312 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ALA shares. JPMorgan Chase & Co. cut shares of AltaGas from an “overweight” rating to a “neutral” rating and raised their price target for the stock from C$36.00 to C$37.00 in a research note on Wednesday, October 23rd. Scotiabank raised their target price on shares of AltaGas from C$38.00 to C$39.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Royal Bank of Canada boosted their price target on shares of AltaGas from C$37.00 to C$40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 3rd. BMO Capital Markets raised their price objective on AltaGas from C$37.00 to C$40.00 in a report on Thursday, September 5th. Finally, Raymond James upped their target price on AltaGas from C$35.00 to C$37.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, AltaGas currently has an average rating of “Moderate Buy” and an average price target of C$38.10.

AltaGas Price Performance

The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. The business has a fifty day moving average of C$34.04 and a 200 day moving average of C$32.29. The firm has a market cap of C$10.31 billion, a P/E ratio of 23.90, a PEG ratio of -4.97 and a beta of 1.23.

AltaGas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date is Monday, December 16th. AltaGas’s payout ratio is presently 82.07%.

Insider Activity at AltaGas

In related news, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of the stock in a transaction on Monday, November 4th. The shares were purchased at an average cost of C$33.12 per share, with a total value of C$251,719.60. Also, Senior Officer Randy Warren Toone sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of C$35.32, for a total value of C$105,960.00. 0.58% of the stock is owned by company insiders.

AltaGas Company Profile

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.