AltaGas Ltd. Forecasted to Post Q2 2024 Earnings of $0.12 Per Share (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Equities research analysts at Atb Cap Markets cut their Q2 2024 earnings per share (EPS) estimates for AltaGas in a research report issued to clients and investors on Thursday, May 2nd. Atb Cap Markets analyst N. Heywood now forecasts that the company will earn $0.12 per share for the quarter, down from their prior estimate of $0.17. The consensus estimate for AltaGas’ current full-year earnings is $2.15 per share. Atb Cap Markets also issued estimates for AltaGas’ Q4 2024 earnings at $0.79 EPS, Q1 2025 earnings at $1.16 EPS, Q3 2025 earnings at $0.18 EPS, Q4 2025 earnings at $0.75 EPS and FY2026 earnings at $2.59 EPS.

ALA has been the subject of a number of other research reports. Scotiabank upped their target price on AltaGas from C$33.00 to C$35.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Jefferies Financial Group set a C$34.00 target price on AltaGas and gave the company a “buy” rating in a report on Tuesday, February 27th. National Bankshares upped their target price on AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Royal Bank of Canada increased their price objective on AltaGas from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Finally, 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. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of C$34.15.

AltaGas Price Performance

Shares of AltaGas stock opened at C$30.10 on Monday. The company has a quick ratio of 0.44, a current ratio of 0.89 and a debt-to-equity ratio of 125.64. The company has a market cap of C$8.89 billion, a PE ratio of 13.32, a P/E/G ratio of -4.97 and a beta of 1.22. The business has a 50 day moving average of C$29.54 and a 200 day moving average of C$28.23. AltaGas has a 52 week low of C$22.57 and a 52 week high of C$30.58.

AltaGas (TSE:ALA) last released its quarterly earnings data on Friday, March 8th. The company reported C$0.75 earnings per share for the quarter, meeting analysts’ consensus estimates of C$0.75. The firm had revenue of C$3.29 billion during the quarter, compared to analyst estimates of C$4.11 billion. AltaGas had a return on equity of 8.90% and a net margin of 5.18%.

Insider Transactions at AltaGas

In other news, Senior Officer James Harbilas sold 26,100 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of C$30.50, for a total value of C$796,050.00. In related news, Senior Officer James Harbilas sold 26,100 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of C$30.50, for a total transaction of C$796,050.00. Also, Senior Officer Randy Warren Toone sold 40,000 shares of the stock in a transaction on 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. Over the last three months, insiders have sold 94,339 shares of company stock valued at $2,798,722. Insiders own 0.57% of the company’s stock.

AltaGas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders 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 dividend yield of 3.96%. The ex-dividend date was Thursday, March 14th. AltaGas’s dividend payout ratio is currently 52.65%.

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.