Atb Cap Markets Brokers Raise Earnings Estimates for AltaGas

AltaGas Ltd. (TSE:ALA) – Equities researchers at Atb Cap Markets increased their FY2024 EPS estimates for AltaGas in a research note issued on Tuesday, October 22nd. Atb Cap Markets analyst N. Heywood now anticipates that the company will earn $2.12 per share for the year, up from their previous forecast of $2.10. The consensus estimate for AltaGas’ current full-year earnings is $2.30 per share.

A number of other equities research analysts have also recently commented on ALA. Jefferies Financial Group lifted their target price on AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Raymond James lifted their price objective on shares of AltaGas from C$35.00 to C$37.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. BMO Capital Markets increased their target price on shares of AltaGas from C$37.00 to C$40.00 in a research report on Thursday, September 5th. National Bankshares raised their price target on shares of AltaGas from C$36.00 to C$39.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Finally, CIBC upped their price objective on AltaGas from C$38.00 to C$40.00 in a research note on Monday, July 15th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$38.10.

AltaGas Stock Performance

Shares of AltaGas stock opened at C$33.71 on Friday. The firm has a market capitalization of C$10.03 billion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50. The business’s fifty day simple moving average is C$34.04 and its 200 day simple moving average is C$31.80. AltaGas has a 12 month low of C$24.67 and a 12 month high of C$35.77.

AltaGas (TSE:ALA) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of C$2.54 billion. AltaGas had a net margin of 3.58% and a return on equity of 5.78%.

Insider Buying and Selling

In other AltaGas news, Senior Officer Randy Warren Toone sold 3,000 shares of AltaGas stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of C$33.82, for a total transaction of C$101,460.00. In related news, Director Aaron Bishop sold 19,820 shares of AltaGas stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total transaction of C$665,555.60. Also, Senior Officer Randy Warren Toone sold 3,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of C$33.82, for a total value of C$101,460.00. In the last quarter, insiders have sold 33,320 shares of company stock valued at $1,125,051. Corporate insiders own 0.58% of the company’s stock.

AltaGas Announces Dividend

The business also recently declared 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 3.54%. The ex-dividend date of this dividend was Monday, September 16th. AltaGas’s dividend payout ratio (DPR) is presently 82.07%.

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.