Atb Cap Markets Comments on AltaGas’ Q3 Earnings (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Equities research analysts at Atb Cap Markets increased their Q3 2024 earnings per share estimates for shares of AltaGas in a research report issued to clients and investors on Tuesday, October 22nd. Atb Cap Markets analyst N. Heywood now forecasts that the company will earn $0.10 per share for the quarter, up from their prior estimate of $0.09. The consensus estimate for AltaGas’ current full-year earnings is $2.30 per share.

A number of other analysts also recently issued reports on the company. National Bankshares lifted their target price on AltaGas from C$36.00 to C$39.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. ATB Capital set a C$36.00 target price on shares of AltaGas and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Jefferies Financial Group boosted their price objective on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Scotiabank raised their target price on shares of AltaGas from C$38.00 to C$39.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. downgraded AltaGas from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from C$36.00 to C$37.00 in a research report on Wednesday. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$38.10.

AltaGas Stock Performance

The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50. AltaGas has a 12-month low of C$24.67 and a 12-month high of C$35.77. The company has a fifty day simple moving average of C$34.01 and a two-hundred day simple moving average of C$31.76. The company has a market capitalization of C$10.12 billion, a P/E ratio of 23.28, a P/E/G ratio of -4.97 and a beta of 1.23.

AltaGas (TSE:ALA) last released its earnings results on Thursday, August 1st. The company reported C$0.14 EPS for the quarter, beating the consensus estimate of C$0.12 by C$0.02. The firm had revenue of C$2.78 billion for the quarter, compared to analysts’ expectations of C$2.54 billion. AltaGas had a return on equity of 5.78% and a net margin of 3.58%.

AltaGas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 27th were given a $0.298 dividend. This represents a $1.19 annualized dividend and a dividend yield of ∞. The ex-dividend date was Monday, September 16th. AltaGas’s payout ratio is 82.07%.

Insider Transactions at AltaGas

In related news, Director Aaron Bishop sold 19,820 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total value of C$665,555.60. In other AltaGas news, Director Aaron Bishop sold 19,820 shares of AltaGas stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total value of C$665,555.60. Also, Senior Officer Bertram Grant Bradley sold 7,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of C$33.61, for a total transaction of C$252,075.00. Over the last quarter, insiders have sold 33,320 shares of company stock worth $1,125,051. Company insiders own 0.58% of the company’s stock.

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.