AltaGas moves ahead with big project

Article Excerpt

ALTAGAS LTD. $30 is a buy. The company (Toronto symbol ALA; High-Growth Dividend Payer Portfolio; Utilities sector; Shares outstanding: 295.3 million; Market cap: $8.9 billion; Dividend yield: 4.0%; Dividend Sustainability Rating: Above Average; www.altagas.ca) last raised your quarterly dividend by 6.3%, with the March 2024 payment to $0.2975 a share from $0.28. The new annual rate of $1.19 yields a solid 4.0%. The company and partner Dutch tank storage company Royal Vopak have announced a positive final investment decision on the Ridley Island Energy Export Facility (REEF); that’s a large-scale liquefied petroleum gas (LPG) and bulk liquids terminal with rail, logistics and marine infrastructure on Ridley Island, B.C. The facility is projected to cost $1.35 billion, and should begin operating in late 2026. AltaGas is a buy. buy. …