AltaGas Ltd. (TSE:ALA) Expected to Earn Q1 2024 Earnings of $1.05 Per Share

AltaGas Ltd. (TSE:ALA) – Equities researchers at National Bank Financial issued their Q1 2024 earnings per share estimates for shares of AltaGas in a research report issued on Tuesday, April 23rd. National Bank Financial analyst P. Kenny forecasts that the company will earn $1.05 per share for the quarter. The consensus estimate for AltaGas’ current full-year earnings is $2.15 per share.

Several other equities analysts have also issued reports on the company. Scotiabank increased their target price on AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. National Bankshares lifted their price target on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. TD Securities boosted their price objective on shares of AltaGas from C$32.00 to C$34.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. Jefferies Financial Group set a C$34.00 target price on shares of AltaGas and gave the company a “buy” rating in a report on Tuesday, February 27th. Finally, CIBC increased their target price on shares of AltaGas from C$34.00 to C$36.00 and gave the company an “outperform” rating in a research report on Friday, December 29th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, AltaGas presently has an average rating of “Buy” and a consensus price target of C$33.75.

AltaGas Price Performance

ALA opened at C$30.20 on Thursday. The stock’s 50-day moving average price is C$29.22 and its 200 day moving average price is C$27.97. AltaGas has a 12-month low of C$22.57 and a 12-month high of C$30.31. The company has a current ratio of 0.89, a quick ratio of 0.44 and a debt-to-equity ratio of 125.64. The firm has a market cap of C$8.92 billion, a price-to-earnings ratio of 13.36, a PEG ratio of -4.97 and a beta of 1.22.

AltaGas (TSE:ALA) last released its quarterly earnings results on Friday, March 8th. The company reported C$0.75 earnings per share for the quarter, hitting analysts’ consensus estimates of C$0.75. The business had revenue of C$3.29 billion during the quarter, compared to analysts’ expectations of C$4.11 billion. AltaGas had a return on equity of 8.90% and a net margin of 5.18%.

AltaGas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 28th were given a dividend of $0.298 per share. The ex-dividend date was Thursday, March 14th. This is a positive change from AltaGas’s previous quarterly dividend of $0.28. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.95%. AltaGas’s dividend payout ratio (DPR) is 52.65%.

Insider Activity at AltaGas

In related news, Senior Officer Randy Warren Toone sold 16,000 shares of AltaGas stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of C$29.58, for a total value of C$473,200.00. In related news, Senior Officer Randy Warren Toone sold 16,000 shares of AltaGas stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of C$29.58, for a total value of C$473,200.00. Also, Director Jeremy Jason Weatherhead sold 12,215 shares of AltaGas stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total transaction of C$361,564.00. Insiders have sold a total of 68,239 shares of company stock worth $2,002,672 in the last three months. Insiders own 0.57% of the company’s stock.

About AltaGas

AltaGas Ltd. operates as an energy infrastructure company in North America. The company operates through Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.6 million customers.