National Bank Financial Predicts Lower Earnings for AltaGas

AltaGas Ltd. (TSE:ALA) – Analysts at National Bank Financial cut their FY2024 EPS estimates for shares of AltaGas in a research report issued on Monday, January 6th. National Bank Financial analyst P. Kenny now expects that the company will post earnings of $2.11 per share for the year, down from their prior forecast of $2.12. 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 $2.23 EPS and FY2028 earnings at $3.01 EPS.

Several other equities research analysts also recently weighed in on ALA. Scotiabank increased their target price on shares of 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 AltaGas from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from C$36.00 to C$37.00 in a research report on Wednesday, October 23rd. Royal Bank of Canada boosted their target price on AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a report on Thursday, October 3rd. Jefferies Financial Group increased their price target on AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, ATB Capital set a C$36.00 price objective on shares of AltaGas and gave the company an “outperform” rating in a research note on Tuesday, September 24th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$38.30.

AltaGas Stock Down 0.5 %

ALA stock opened at C$33.94 on Wednesday. The company has a market cap of C$10.09 billion, a price-to-earnings ratio of 23.41, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. The company has a fifty day moving average price of C$33.62 and a 200 day moving average price of C$33.06. 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 has a 12 month low of C$26.91 and a 12 month high of C$35.77.

AltaGas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were issued a $0.298 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.51%. AltaGas’s dividend payout ratio is presently 82.07%.

Insider Activity at AltaGas

In other news, Senior Officer Vernon Dai-Chung Yu acquired 7,600 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was purchased at an average cost of C$32.97 per share, with a total value of C$250,549.20. 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.