AltaGas FY2024 EPS Decreased by National Bank Financial

AltaGas Ltd. (TSE:ALA) – Analysts at National Bank Financial reduced their FY2024 earnings per share estimates for AltaGas in a report released on Thursday, October 31st. National Bank Financial analyst P. Kenny now expects that the company will earn $2.12 per share for the year, down from their prior forecast of $2.13. The consensus estimate for AltaGas’ current full-year earnings is $2.30 per share. National Bank Financial also issued estimates for AltaGas’ FY2025 earnings at $2.28 EPS.

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group upped their price objective on shares of AltaGas from C$37.00 to C$39.00 and gave the company a “buy” rating in a research note on Monday, September 30th. ATB Capital set a C$36.00 price target on shares of AltaGas and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Scotiabank increased their price objective on AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. cut shares of 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 report on Wednesday, October 23rd. Finally, National Bankshares raised 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. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$38.10.

AltaGas Price Performance

AltaGas stock opened at C$33.18 on Monday. The stock’s 50 day moving average is C$34.08 and its 200 day moving average is C$31.98. AltaGas has a one year low of C$26.10 and a one year high of C$35.77. The firm has a market cap of C$9.87 billion, a P/E ratio of 22.88, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 115.50, a current ratio of 0.85 and a quick ratio of 0.44.

AltaGas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a dividend of $0.298 per share. The ex-dividend date is Monday, December 16th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.59%. AltaGas’s dividend payout ratio is 82.07%.

Insider Buying and Selling

In related news, Director Aaron Bishop sold 19,820 shares of the firm’s stock in a transaction dated 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 news, Senior Officer Randy Warren Toone sold 3,000 shares of AltaGas stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of C$35.32, for a total transaction of C$105,960.00. Also, Director Aaron Bishop sold 19,820 shares of AltaGas stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total value of C$665,555.60. Insiders have sold a total of 33,320 shares of company stock worth $1,125,051 in the last 90 days. 0.58% of the stock is owned by company insiders.

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.