Atb Cap Markets Weighs in on AltaGas Ltd.’s FY2024 Earnings (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Investment analysts at Atb Cap Markets dropped their FY2024 earnings per share (EPS) estimates for AltaGas in a research note issued to investors on Monday, July 8th. Atb Cap Markets analyst N. Heywood now forecasts that the company will post earnings per share of $2.15 for the year, down from their prior estimate of $2.16. The consensus estimate for AltaGas’ current full-year earnings is $2.14 per share.

A number of other research firms have also recently weighed in on ALA. CIBC raised their price target on AltaGas from C$36.00 to C$38.00 and gave the company an “outperform” rating in a report on Friday, May 31st. BMO Capital Markets lifted their price target on AltaGas from C$36.00 to C$37.00 and gave the company an “outperform” rating in a report on Thursday, May 30th. ATB Capital raised their price objective on shares of AltaGas from C$35.00 to C$36.00 and gave the company an “outperform” rating in a research report on Thursday, May 30th. Raymond James upped their target price on shares of AltaGas from C$34.00 to C$35.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Finally, Scotiabank raised their price target on shares of AltaGas from C$33.00 to C$35.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of C$35.00.

AltaGas Stock Performance

TSE ALA opened at C$30.77 on Tuesday. AltaGas has a 1-year low of C$23.38 and a 1-year high of C$31.50. The company has a 50 day moving average of C$30.61 and a 200-day moving average of C$29.39. The company has a current ratio of 1.01, a quick ratio of 0.44 and a debt-to-equity ratio of 117.56. The firm has a market cap of C$9.11 billion, a price-to-earnings ratio of 14.94, a PEG ratio of -4.97 and a beta of 1.22.

AltaGas (TSE:ALA) last announced its earnings results on Thursday, May 2nd. The company reported C$1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$1.05 by C$0.09. The business had revenue of C$3.66 billion during the quarter, compared to analysts’ expectations of C$4.13 billion. AltaGas had a net margin of 5.03% and a return on equity of 7.93%.

AltaGas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 28th were paid a $0.298 dividend. This represents a $1.19 annualized dividend and a yield of 3.87%. The ex-dividend date was Friday, June 14th. AltaGas’s payout ratio is 57.77%.

Insiders Place Their Bets

In other news, Senior Officer Randy Warren Toone sold 20,000 shares of the company’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of C$29.85, for a total value of C$597,006.00. In other news, Senior Officer Randy Warren Toone sold 20,000 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of C$29.85, for a total value of C$597,006.00. Also, Senior Officer Bertram Grant Bradley sold 15,000 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$30.59, for a total transaction of C$458,850.00. Over the last quarter, insiders have purchased 20,500 shares of company stock worth $627,795 and have sold 172,750 shares worth $5,257,062. 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.