Insider Selling: AltaGas Ltd. (TSE: ALA) Director sells 80,000 shares

AltaGas Ltd (EAST: ALAGet a rating) Director David Wallace Cornhill sold 80,000 shares in a trade dated Wednesday, June 1. The shares were sold at an average price of CA$30.25, for a total transaction of CA$2,419,768.00. Following the completion of the sale, the administrator now owns 1,428,727 shares of the company, valued at approximately C$43,214,848.44.

AltaGas Stock traded lower C$0.37 during Friday’s trading, hitting C$29.89. The company had a trading volume of 627,282 shares, compared to an 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 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.

Alta Gas (EAST: ALAGet a rating) last released its quarterly results on Thursday, April 28. The company reported EPS of C$1.01 for the quarter, beating the consensus estimate of C$0.92 by C$0.09. The company posted revenue of C$3.89 billion in the quarter, while analysts had expected C$3.05 billion. As a group, analysts expect AltaGas Ltd. will show earnings per share of 1.9400001 for the current fiscal year.

The company also recently declared a monthly dividend, which will be paid on Thursday, June 30. Shareholders of record on Thursday, June 16 will receive a dividend of $0.265. This represents an annualized dividend of $3.18 and a yield of 10.64%. The ex-date of this dividend is Wednesday, June 15. This is a boost from AltaGas’ previous monthly dividend of $0.08. AltaGas’ dividend payout ratio (DPR) is currently 119.24%.

A number of brokerages have recently released reports on ALA. Raymond James raised his price target on AltaGas shares from C$32.00 to C$34.50 and gave the stock an “outperform” rating in a Friday, May 27 report. CIBC raised its price target on AltaGas shares from C$33.00 to C$34.00 and gave the stock an “outperform” rating in a report released Thursday, April 21. JPMorgan Chase & Co. raised its price target on AltaGas shares from C$31.00 to C$34.00 in a Tuesday, April 19 report. Scotiabank raised its price target on AltaGas shares from C$33.00 to C$34.00 in a report released Monday, May 30. Finally, TD Securities raised its price target on AltaGas shares from C$33.00 to C$34.00 and gave the stock a “buy” rating in a report released on Friday 27 may. One analyst rated the stock with a hold rating and ten rated the stock with a buy rating. Based on data from MarketBeat, the company currently has a consensus Buy rating and a consensus target price of C$33.57.

AltaGas Company Profile (Get a rating)

AltaGas Ltd. is an energy infrastructure company in North America. The Company operates through Utilities and Midstream segments. The Utilities segment owns and operates price-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio and the District of Columbia, serving approximately 1.7 million of customers.

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