FY2024 EPS Estimates for AltaGas Reduced by Analyst

AltaGas Ltd. (TSE:ALA) – Research analysts at National Bank Financial decreased their FY2024 earnings per share (EPS) estimates for AltaGas in a research report issued on Thursday, October 31st. National Bank Financial analyst P. Kenny now forecasts that the company will post earnings per share of $2.12 for the year, down from their previous forecast of $2.13. The consensus estimate for AltaGas’ current full-year earnings is $2.30 per share. National Bank Financial also issued estimates for AltaGas’ FY2025 earnings at $2.28 EPS.

ALA has been the subject of a number of other reports. BMO Capital Markets boosted their price objective on shares of AltaGas from C$37.00 to C$40.00 in a report on Thursday, September 5th. CIBC lifted their target price on shares of AltaGas from C$38.00 to C$40.00 in a research note on Monday, July 15th. Scotiabank lifted their target price on shares of AltaGas from C$38.00 to C$39.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. National Bankshares boosted their price target on shares of AltaGas from C$36.00 to C$39.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Finally, ATB Capital set a C$36.00 target price on shares of AltaGas and gave the company an “outperform” rating in a research report on Tuesday, September 24th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$38.10.

AltaGas Price Performance

ALA stock opened at C$33.12 on Monday. The firm has a 50 day moving average price of C$34.07 and a 200-day moving average price of C$32.01. AltaGas has a 52-week low of C$26.10 and a 52-week high of C$35.77. The firm has a market capitalization of C$9.85 billion, a price-to-earnings ratio of 22.84, a PEG ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 115.50, a quick ratio of 0.44 and a current ratio of 0.85.

AltaGas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend is Monday, December 16th. AltaGas’s dividend payout ratio (DPR) is presently 82.07%.

Insider Activity

In other AltaGas news, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of AltaGas stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average price of C$33.12 per share, for a total transaction of C$251,719.60. In other AltaGas news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the company’s stock in a transaction on Monday, November 4th. The stock was purchased at an average cost of C$33.12 per share, for a total transaction of C$251,719.60. Also, Senior Officer Randy Warren Toone sold 3,000 shares of AltaGas stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of C$33.82, for a total transaction of C$101,460.00. In the last three months, insiders have sold 33,320 shares of company stock valued at $1,125,051. Company insiders own 0.58% of the company’s stock.

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.