AltaGas (TSE:ALA) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

AltaGas Ltd. (TSE:ALA - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-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 Analyst Weigh In

Several research analysts recently commented on the stock. Jefferies Financial Group boosted their price objective 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. lowered AltaGas from an "overweight" rating to a "neutral" rating and increased their price objective for the company from C$36.00 to C$37.00 in a report on Wednesday, October 23rd. Scotiabank boosted their target price on AltaGas from C$38.00 to C$39.00 and gave the stock an "outperform" rating in a research note on Thursday, October 24th. ATB Capital set a C$36.00 price target on AltaGas and gave the company an "outperform" rating in a research note on Tuesday, September 24th. Finally, Royal Bank of Canada boosted their price target on AltaGas from C$37.00 to C$40.00 and gave the stock an "outperform" rating in a research note on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of C$38.10.

AltaGas Price Performance

The stock has a fifty day moving average of C$34.04 and a 200 day moving average of C$32.16. The stock has a market cap of C$9.97 billion, a price-to-earnings ratio of 23.11, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 115.50, a current ratio of 0.85 and a quick ratio of 0.44.

AltaGas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $0.298 per share. This represents a $1.19 annualized dividend and a yield of 3.56%. The ex-dividend date is Monday, December 16th. AltaGas's payout ratio is 82.07%.

Insider Transactions at AltaGas

In other AltaGas news, Director Aaron Bishop sold 19,820 shares of AltaGas stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total transaction of C$665,555.60. In other news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the firm's stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average cost of C$33.12 per share, for a total transaction of C$251,719.60. Also, Director Aaron Bishop sold 19,820 shares of the firm's stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total transaction of C$665,555.60. Insiders have sold 33,320 shares of company stock worth $1,125,051 over the last 90 days. 0.58% of the stock is currently 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.