|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||15.13 - 15.27|
|52 Week Range||8.31 - 16.19|
|Beta (3Y Monthly)||0.97|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.73 (4.78%)|
|1y Target Est||N/A|
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CALGARY , Sept. 30, 2019 /CNW/ - AltaGas Ltd. (AltaGas) (ALA.TO) announced today that it has entered into a definitive agreement for the sale of its indirect, non-operating interest in the Central Penn Pipeline (Central Penn) held by its subsidiary WGL Midstream, Inc. (WGL Midstream) to Meade Pipeline Investment, LLC, a subsidiary of NextEra Energy Partners, LP. Total gross proceeds for WGL Midstream's interest is approximately $870 million ( US$657 million ). AltaGas' estimated 2019 cash flow and normalized EBITDA for the Central Penn Pipeline is approximately US$49 million and US$39 million , respectively.
AltaGas previously guided to $1.5 billion to $2 billion of asset sales in 2019 and it has already achieved or announced $1.3 billion worth of sales, Pham wrote in the upgrade note. It is now more likely total asset sales for 2019 will come in near or above the $2 billion mark. The case for turning bullish on the Calgary-based energy infrastructure company is based on expectations for leverage to notably decline, the analyst wrote.