AltaGas (TSE:ALA) Stock Passes Above Two Hundred Day Moving Average – Here’s What Happened

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$33.93 and traded as high as C$35.50. AltaGas shares last traded at C$35.45, with a volume of 2,005,167 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. CIBC increased their price objective on AltaGas from C$40.00 to C$42.00 and gave the company an “outperform” rating in a research note on Thursday, January 9th. Scotiabank lifted their price objective on AltaGas from C$39.00 to C$40.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, AltaGas currently has an average rating of “Moderate Buy” and an average price target of C$38.40.

AltaGas Stock Performance

The firm has a 50 day moving average of C$34.19 and a two-hundred day moving average of C$33.94. The stock has a market cap of C$10.55 billion, a P/E ratio of 20.55, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 135.26, a quick ratio of 0.44 and a current ratio of 1.03.

AltaGas Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were paid a dividend of $0.298 per share. The ex-dividend date was Monday, December 16th. This represents a $1.19 annualized dividend and a yield of 3.36%. AltaGas’s payout ratio is 68.98%.

Insider Activity at AltaGas

In related news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was acquired at an average cost of C$32.97 per share, with a total value of C$250,549.20. Also, Senior Officer Donald Mark Jenkins sold 12,352 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of C$33.90, for a total value of C$418,732.80. 0.58% of the stock is owned by corporate insiders.

AltaGas Company Profile

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.