Atb Cap Markets Research Analysts Decrease Earnings Estimates for AltaGas Ltd. (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Equities research analysts at Atb Cap Markets dropped their Q1 2024 earnings per share (EPS) estimates for AltaGas in a research note issued on Tuesday, April 23rd. Atb Cap Markets analyst N. Heywood now expects that the company will earn $1.03 per share for the quarter, down from their previous estimate of $1.04. The consensus estimate for AltaGas’ current full-year earnings is $2.15 per share. Atb Cap Markets also issued estimates for AltaGas’ FY2024 earnings at $2.10 EPS.

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

AltaGas Trading Up 0.9 %

Shares of TSE ALA opened at C$30.20 on Thursday. The company has a debt-to-equity ratio of 125.64, a quick ratio of 0.44 and a current ratio of 0.89. The business’s 50 day moving average price is C$29.22 and its 200-day moving average price is C$27.97. AltaGas has a fifty-two week low of C$22.57 and a fifty-two week high of C$30.31. The company 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 issued its quarterly earnings results on Friday, March 8th. The company reported C$0.75 earnings per share for the quarter, hitting the consensus estimate of C$0.75. AltaGas had a return on equity of 8.90% and a net margin of 5.18%. The firm had revenue of C$3.29 billion for the quarter, compared to the consensus estimate of C$4.11 billion.

Insider Transactions at AltaGas

In other AltaGas news, Senior Officer Randy Warren Toone sold 40,000 shares of AltaGas stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. In other news, Director Jeremy Jason Weatherhead sold 12,215 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of C$29.60, for a total value of C$361,564.00. Also, Senior Officer Randy Warren Toone sold 40,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of C$29.18, for a total value of C$1,167,200.00. Insiders sold 68,239 shares of company stock valued at $2,002,672 in the last quarter. 0.57% of the stock is currently owned by corporate insiders.

AltaGas Increases Dividend

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

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.