FY2024 EPS Estimates for AltaGas Raised by Atb Cap Markets

AltaGas Ltd. (TSE:ALA) – Research analysts at Atb Cap Markets lifted their FY2024 EPS estimates for shares of AltaGas in a research note issued on Thursday, October 31st. Atb Cap Markets analyst N. Heywood now expects that the company will post earnings of $2.16 per share for the year, up from their prior estimate of $2.12. The consensus estimate for AltaGas’ current full-year earnings is $2.30 per share.

A number of other brokerages also recently issued reports on ALA. JPMorgan Chase & Co. downgraded shares of AltaGas from an “overweight” rating to a “neutral” rating and lifted their price target for the company from C$36.00 to C$37.00 in a report on Wednesday, October 23rd. CIBC increased their price target on AltaGas from C$38.00 to C$40.00 in a research note on Monday, July 15th. ATB Capital set a C$36.00 price objective on AltaGas and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Royal Bank of Canada increased their price objective on shares of AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a research report on Thursday, October 3rd. Finally, Raymond James boosted their target price on shares of AltaGas from C$35.00 to C$37.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$38.10.

AltaGas Price Performance

TSE:ALA opened at C$33.18 on Monday. The stock has a market cap of C$9.87 billion, a PE ratio of 22.88, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50. The business’s 50-day simple moving average is C$34.08 and its two-hundred day simple moving average is C$31.98. AltaGas has a 52 week low of C$26.10 and a 52 week high of C$35.77.

Insider Activity at AltaGas

In other AltaGas news, Senior Officer Randy Warren Toone sold 3,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total value of C$101,460.00. In other news, Senior Officer Bertram Grant Bradley sold 7,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of C$33.61, for a total value of C$252,075.00. Also, Senior Officer Randy Warren Toone sold 3,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of C$33.82, for a total value of C$101,460.00. Insiders sold 33,320 shares of company stock worth $1,125,051 in the last 90 days. 0.58% of the stock is owned by corporate insiders.

AltaGas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be given a dividend of $0.298 per share. The ex-dividend date is Monday, December 16th. This represents a $1.19 annualized dividend and a dividend yield of 3.59%. AltaGas’s dividend payout ratio (DPR) is 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.