Insider Selling: AltaGas Ltd. (TSE:ALA) Director Sells 80,000 Shares of Stock
AltaGas Ltd. (TSE:ALA – Get Rating) Director David Wallace Cornhill sold 80,000 shares of the stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of C$30.25, for a total transaction of C$2,419,768.00. Following the completion of the sale, the director now owns 1,428,727 shares of the company’s stock, valued at approximately C$43,214,848.44.
AltaGas stock traded down C$0.37 during trading on Friday, hitting C$29.89. The company had a trading volume of 627,282 shares, compared to its average volume of 772,427. AltaGas Ltd. has a 1-year low of C$24.16 and a 1-year high of C$31.16. The company has a current ratio of 1.11, a quick ratio of 0.69 and a debt-to-equity ratio of 114.82. The company’s 50 day simple moving average is C$29.46 and its 200-day simple moving average is C$27.75. The stock has a market cap of C$8.39 billion and a price-to-earnings ratio of 33.62.
AltaGas (TSE:ALA – Get Rating) last issued its quarterly earnings results on Thursday, April 28th. The company reported C$1.01 EPS for the quarter, beating the consensus estimate of C$0.92 by C$0.09. The business had revenue of C$3.89 billion during the quarter, compared to analysts’ expectations of C$3.05 billion. As a group, analysts forecast that AltaGas Ltd. will post 1.9400001 earnings per share for the current fiscal year.
The firm also recently declared a monthly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Thursday, June 16th will be given a $0.265 dividend. This represents a $3.18 annualized dividend and a yield of 10.64%. The ex-dividend date of this dividend is Wednesday, June 15th. This is a boost from AltaGas’s previous monthly dividend of $0.08. AltaGas’s dividend payout ratio (DPR) is currently 119.24%.
A number of brokerages have recently issued reports on ALA. Raymond James raised their price target on shares of AltaGas from C$32.00 to C$34.50 and gave the stock an “outperform” rating in a report on Friday, May 27th. CIBC raised their price target on shares of AltaGas from C$33.00 to C$34.00 and gave the stock an “outperform” rating in a report on Thursday, April 21st. JPMorgan Chase & Co. raised their price target on shares of AltaGas from C$31.00 to C$34.00 in a report on Tuesday, April 19th. Scotiabank raised their price target on shares of AltaGas from C$33.00 to C$34.00 in a report on Monday, May 30th. Finally, TD Securities raised their price target on shares of AltaGas from C$33.00 to C$34.00 and gave the stock a “buy” rating in a report on Friday, May 27th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of C$33.57.
AltaGas Company Profile (Get Rating)
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 rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.7 million customers.
Receive News & Ratings for AltaGas Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for AltaGas and related companies with MarketBeat.com’s FREE daily email newsletter.