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

AltaGas Ltd. (TSE:ALA) – Investment analysts at Atb Cap Markets cut their Q1 2024 earnings per share (EPS) estimates for shares of AltaGas in a research note issued on Tuesday, April 23rd. Atb Cap Markets analyst N. Heywood now forecasts that the company will earn $1.03 per share for the quarter, down from their prior forecast 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.

AltaGas (TSE:ALA) last posted 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. The company had revenue of C$3.29 billion during the quarter, compared to the consensus estimate of C$4.11 billion. AltaGas had a return on equity of 8.90% and a net margin of 5.18%.

Several other research analysts also recently weighed in on the company. Scotiabank increased their price target on AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. 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. CIBC increased 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. TD Securities increased their price objective on AltaGas from C$32.00 to C$34.00 and gave the stock a “buy” rating in a report on Monday, March 11th. Finally, National Bankshares increased 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. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of C$33.75.

AltaGas Stock Up 0.9 %

ALA stock 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 company has a market capitalization 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 has a fifty-two week low of C$22.57 and a fifty-two week high of C$30.31. The stock has a fifty day moving average of C$29.22 and a 200-day moving average of C$27.97.

AltaGas Increases Dividend

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

Insiders Place Their Bets

In other AltaGas news, Director Jeremy Jason Weatherhead sold 12,215 shares of AltaGas stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of C$29.60, for a total value of C$361,564.00. In other AltaGas news, Director Jeremy Jason Weatherhead sold 12,215 shares of AltaGas stock in a transaction that occurred on 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 16,000 shares of AltaGas stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of C$29.58, for a total value of C$473,200.00. Insiders have sold 68,239 shares of company stock valued at $2,002,672 in the last ninety days. Company insiders own 0.57% 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.