AltaGas (TSE:ALA) Stock Passes Above 200-Day Moving Average - Here's Why

Shares of AltaGas Ltd. (TSE:ALA - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$31.46 and traded as high as C$34.36. AltaGas shares last traded at C$33.89, with a volume of 926,325 shares traded.

Analysts Set New Price Targets

Several analysts have recently weighed in on ALA shares. BMO Capital Markets increased their price target on shares of AltaGas from C$37.00 to C$40.00 in a research note on Thursday, September 5th. Royal Bank of Canada raised their target price 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. JPMorgan Chase & Co. boosted their price objective on shares of AltaGas from C$33.00 to C$36.00 in a report on Friday, July 19th. ATB Capital set a C$36.00 target price on shares of AltaGas and gave the stock an "outperform" rating in a research note on Tuesday, September 24th. Finally, Raymond James upped their price objective on shares of AltaGas from C$35.00 to C$37.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, AltaGas has a consensus rating of "Buy" and an average price target of C$37.90.

AltaGas Trading Up 1.4 %

The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50. The company has a market cap of C$10.22 billion, a PE ratio of 23.37, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a fifty day simple moving average of C$33.68 and a two-hundred day simple moving average of C$31.46.

AltaGas (TSE:ALA - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported C$0.14 earnings per share for the quarter, beating the consensus estimate of C$0.12 by C$0.02. AltaGas had a net margin of 3.58% and a return on equity of 5.78%. The firm had revenue of C$2.78 billion for the quarter, compared to analysts' expectations of C$2.54 billion. Analysts anticipate that AltaGas Ltd. will post 2.3006093 EPS for the current year.

AltaGas Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 27th were issued a $0.298 dividend. This represents a $1.19 annualized dividend and a yield of 3.47%. The ex-dividend date was Monday, September 16th. AltaGas's dividend payout ratio (DPR) is presently 82.07%.

Insiders Place Their Bets

In other news, Director Aaron Bishop sold 19,820 shares of the stock in a transaction dated 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 related news, Senior Officer Randy Warren Toone sold 3,000 shares of the firm'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 transaction of C$105,960.00. Also, Director Aaron Bishop sold 19,820 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total value of C$665,555.60. Insiders sold 33,320 shares of company stock valued at $1,125,051 in the last ninety days. Insiders own 0.58% of the company's stock.

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.