APA Group Ltd (ASX: APA) shares climbed to a fresh multi-year high on Tuesday as buying momentum in the utility giant continues.
In afternoon trade, the APA share price was up 1.12% to $9.97, after touching $10 in morning trade, its highest level since July 2023.
That leaves the stock up roughly 30% over the past 12 months, comfortably outperforming the S&P/ASX 200 Index (ASX: XJO) over the same period.
The latest gain comes as investors respond to APA’s steady cash flow growth, rising distributions, and expanding project pipeline.
Strong half-year result keeps momentum building
One of the main drivers behind APA’s strength in recent months has been its latest first-half result for FY26.
The utility giant reported a 7.6% increase in underlying EBITDA to $1.092 billion, alongside growth in both revenue and distributions. Management also increased its organic growth pipeline to about $3 billion, up from $2.1 billion previously.
APA also reaffirmed its FY26 distribution guidance of 58 cents per security. This puts the stock on a forward yield of roughly 6% at the current share price, partially franked.
That remains an attractive yield for a business built on long-term contracted infrastructure assets.
Today’s move above the previous $9.95 52-week high also supports the recent upward move in the share price.
The chart is now confirming the trend
From a technical standpoint, APA’s share price has been building steadily since its February low of $8.63.
The stock is now trading comfortably above its rising short-term moving averages, with the $9.80 to $9.85 range emerging as the first support zone after today’s push higher.
Holding above that level would keep the recent upward move in place.
The relative strength index (RSI) now looks to be sitting in the upper-60s, which points to strong momentum without yet suggesting the shares are overbought.
The shares are also now trading comfortably above their 50-day moving average, reinforcing the strength of the move since late February.
The next level on the chart sits around $10.20, followed by the broader resistance zone set back in July 2023.
Foolish Takeaway
APA’s move to a multi-year high is being supported by both stronger fundamentals and an improving chart.
The company is delivering higher earnings, expanding its growth pipeline, and maintaining attractive distribution guidance. The share price has also continued to trend higher in recent months.
That mix has helped push APA shares to their highest level in nearly 3 years.
The post Why this reliable ASX dividend stock just climbed to a fresh multi-year high appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Apa Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.