FY2024 EPS Estimates for AltaGas Lifted by Atb Cap Markets

AltaGas Ltd. (TSE:ALA) – Research analysts at Atb Cap Markets upped their FY2024 earnings estimates for AltaGas in a note issued to investors on Tuesday, October 22nd. Atb Cap Markets analyst N. Heywood now forecasts that the company will post earnings of $2.12 per share for the year, up from their prior estimate of $2.10. The consensus estimate for AltaGas’ current full-year earnings is $2.30 per share.

Several other research firms have also recently issued reports on ALA. National Bankshares raised their price target on AltaGas from C$36.00 to C$39.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. CIBC raised their target price on shares of AltaGas from C$38.00 to C$40.00 in a research note on Monday, July 15th. ATB Capital set a C$36.00 price target on shares of AltaGas and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Scotiabank increased their price objective on shares of AltaGas from C$38.00 to C$39.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Jefferies Financial Group lifted their target price on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$38.10.

AltaGas Stock Performance

The company has a market cap of C$10.12 billion, a price-to-earnings ratio of 23.28, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. AltaGas has a 12-month low of C$24.67 and a 12-month high of C$35.77. The company has a debt-to-equity ratio of 115.50, a current ratio of 0.85 and a quick ratio of 0.44. The company has a 50 day moving average price of C$34.01 and a two-hundred day moving average price of C$31.76.

AltaGas (TSE:ALA) last issued its quarterly earnings results on Thursday, August 1st. The company reported C$0.14 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.02. AltaGas had a net margin of 3.58% and a return on equity of 5.78%. The business had revenue of C$2.78 billion during the quarter, compared to analyst estimates of C$2.54 billion.

Insider Buying and Selling

In other AltaGas news, Senior Officer Randy Warren Toone sold 3,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of C$33.82, for a total value of C$101,460.00. In related news, Director Aaron Bishop sold 19,820 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total value of C$665,555.60. Also, Senior Officer Randy Warren Toone sold 3,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of C$33.82, for a total value of C$101,460.00. In the last quarter, insiders have sold 33,320 shares of company stock valued at $1,125,051. 0.58% of the stock is owned by company insiders.

AltaGas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 27th were given a $0.298 dividend. This represents a $1.19 dividend on an annualized basis and a dividend yield of ∞. The ex-dividend date was Monday, September 16th. AltaGas’s dividend payout ratio is currently 82.07%.

AltaGas Company Profile

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.