AltaGas Ltd. (TSE:ALA) Expected to Earn Q2 2024 Earnings of $0.14 Per Share

AltaGas Ltd. (TSE:ALA) – Analysts at Raymond James dropped their Q2 2024 earnings estimates for AltaGas in a research report issued on Wednesday, July 24th. Raymond James analyst D. Quezada now anticipates that the company will post earnings per share of $0.14 for the quarter, down from their previous estimate of $0.16. Raymond James currently has a “Outperform” rating and a $35.00 target price on the stock. The consensus estimate for AltaGas’ current full-year earnings is $2.14 per share. Raymond James also issued estimates for AltaGas’ Q2 2025 earnings at $0.26 EPS.

A number of other analysts also recently issued reports on the company. ATB Capital raised their target price on AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a research note on Thursday, May 30th. National Bankshares lifted their target price on shares of AltaGas from C$33.00 to C$35.00 and gave the stock an “outperform” rating in a research note on Thursday, May 30th. CIBC boosted their target price on shares of AltaGas from C$38.00 to C$40.00 in a report on Monday, July 15th. JPMorgan Chase & Co. increased their price target on AltaGas from C$33.00 to C$36.00 in a report on Friday, July 19th. Finally, BMO Capital Markets increased their price objective on shares of AltaGas from C$36.00 to C$37.00 and gave the stock an “outperform” rating in a research report on Thursday, May 30th. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of C$35.60.

AltaGas Stock Performance

Shares of AltaGas stock opened at C$32.90 on Friday. The business’s 50 day moving average price is C$30.88 and its 200 day moving average price is C$29.70. The company has a market cap of C$9.74 billion, a price-to-earnings ratio of 15.97, a PEG ratio of -4.97 and a beta of 1.22. The company has a debt-to-equity ratio of 117.56, a quick ratio of 0.44 and a current ratio of 1.01. AltaGas has a one year low of C$24.10 and a one year high of C$33.07.

AltaGas (TSE:ALA) last released its earnings results on Thursday, May 2nd. The company reported C$1.14 earnings per share for the quarter, topping analysts’ consensus estimates of C$1.05 by C$0.09. The business had revenue of C$3.66 billion for the quarter, compared to analyst estimates of C$4.13 billion. AltaGas had a net margin of 5.03% and a return on equity of 7.93%.

Insider Buying and Selling at AltaGas

In related news, Senior Officer Vernon Dai-Chung Yu acquired 16,500 shares of the stock in a transaction dated Tuesday, June 11th. The stock was acquired at an average cost of C$30.71 per share, with a total value of C$506,715.00. In related news, Senior Officer Bertram Grant Bradley sold 15,000 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of C$30.59, for a total value of C$458,850.00. Also, Senior Officer Vernon Dai-Chung Yu purchased 16,500 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were acquired at an average cost of C$30.71 per share, with a total value of C$506,715.00. In the last quarter, insiders have purchased 20,500 shares of company stock valued at $627,795 and have sold 172,750 shares valued at $5,257,062. 0.57% of the stock is owned by corporate insiders.

AltaGas Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 28th were given a $0.298 dividend. This represents a $1.19 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date was Friday, June 14th. AltaGas’s dividend payout ratio is currently 57.77%.

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.