What is Scotiabank’s Estimate for AltaGas FY2024 Earnings?

AltaGas Ltd. (TSE:ALA) – Research analysts at Scotiabank dropped their FY2024 earnings estimates for shares of AltaGas in a report issued on Wednesday, January 8th. Scotiabank analyst R. Hope now anticipates that the company will post earnings per share of $2.13 for the year, down from their prior forecast of $2.15. Scotiabank currently has a “Outperform” rating and a $39.00 target price on the stock. The consensus estimate for AltaGas’ current full-year earnings is $2.30 per share. Scotiabank also issued estimates for AltaGas’ FY2026 earnings at $2.45 EPS.

Several other brokerages have also weighed in on ALA. Royal Bank of Canada increased their target price on shares of AltaGas from C$37.00 to C$40.00 and gave the stock an “outperform” rating in a research note on Thursday, October 3rd. ATB Capital set a C$36.00 target price on shares of AltaGas and gave the company an “outperform” rating in a report on Tuesday, September 24th. CIBC upped their price target on AltaGas from C$40.00 to C$42.00 and gave the stock an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. cut AltaGas from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from C$36.00 to C$37.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group increased their target price on AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, AltaGas presently has an average rating of “Moderate Buy” and a consensus target price of C$38.30.

AltaGas Price Performance

TSE:ALA opened at C$33.94 on Thursday. The company has a market capitalization of C$10.09 billion, a P/E ratio of 23.41, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. AltaGas has a 52 week low of C$26.91 and a 52 week high of C$35.77. The stock’s fifty day moving average is C$33.62 and its two-hundred day moving average is C$33.06.

Insiders Place Their Bets

In other news, Senior Officer Vernon Dai-Chung Yu acquired 7,600 shares of AltaGas stock in a transaction dated Friday, December 13th. The shares were acquired at an average cost of C$32.97 per share, for a total transaction of C$250,549.20. 0.58% of the stock is owned by company insiders.

AltaGas Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st were paid a dividend of $0.298 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $1.19 annualized dividend and a yield of 3.51%. AltaGas’s payout ratio is 82.07%.

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.