Altagas is definitely becoming a more attractive option than it once was. I (Dan) used to own the company but sold it right at it's peak prior to the dividend cut.
The company is selling off non-essential assets to pay off debt, which it still has an excess of primarily due to the WGL holdings acquisition back in 2017. The company's balance sheet still needs work, but it's definitely improving.
The company has raised guidances and finally seems to be turning the corner. They now expect 15%+ annual growth. It's Ridley Island Propane Export Terminal has just started exports, and this project is expected to provide very strong growth for the company.
I like the fact that it has midstream operations, as these generally take some of the reliance of the company towards natural gas prices away.
The S&P upgraded Altagas from negative to stable back in December, and this has definitely helped the stocks run up.
At around 19.7 times forward earnings, its one of the cheaper stocks in the sector and is trading at a deep discount to its 5 year averages in terms of price to sales and forward price to earnings.
Overall, the company is continuing to lower its overall debt load and increasing its EBITDA and it looks like a fairly strong option moving forward for investors who are looking for growth in the energy/utility sector.
However, if you're looking for stable, growing dividends, there are probably better options. Altagas still yields over 4.3%, but with the company currently in the midst of getting its financial situation back under control, I wouldn't expect much dividend growth.