National Bank Financial Forecasts AltaGas FY2024 Earnings

AltaGas Ltd. (TSE:ALA) – Equities research analysts at National Bank Financial lowered their FY2024 EPS estimates for shares of AltaGas in a report issued on Monday, January 6th. National Bank Financial analyst P. Kenny now expects that the company will post earnings per share of $2.11 for the year, down from their prior forecast of $2.12. 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 $2.23 EPS and FY2028 earnings at $3.01 EPS.

Several other brokerages also recently issued reports on ALA. Royal Bank of Canada upped their price objective on AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a research report on Thursday, October 3rd. Scotiabank upped their target price on shares of AltaGas from C$38.00 to C$39.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. downgraded shares of AltaGas from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from C$36.00 to C$37.00 in a report on Wednesday, October 23rd. CIBC upped their price objective on shares of AltaGas from C$40.00 to C$42.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, ATB Capital set a C$36.00 target price on shares of AltaGas and gave the stock 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$38.30.

AltaGas Price Performance

Shares of TSE:ALA opened at C$33.94 on Wednesday. The company has a debt-to-equity ratio of 115.50, a quick ratio of 0.44 and a current ratio of 0.85. The business’s fifty day moving average price is C$33.62 and its two-hundred day moving average price is C$33.06. The stock has a market cap of C$10.09 billion, a PE ratio of 23.41, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. AltaGas has a one year low of C$26.91 and a one year high of C$35.77.

AltaGas Announces Dividend

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

Insider Buying and Selling at AltaGas

In other news, Senior Officer Vernon Dai-Chung Yu acquired 7,600 shares of AltaGas stock in a transaction dated Monday, November 4th. The shares were acquired at an average cost of C$33.12 per share, with a total value of C$251,719.60. 0.58% of the stock is owned by company insiders.

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.