Scotiabank Weighs in on AltaGas’ FY2024 Earnings (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Equities researchers at Scotiabank cut their FY2024 earnings estimates for shares of AltaGas in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst R. Hope now anticipates that the company will post earnings per share of $2.13 for the year, down from their prior estimate of $2.15. Scotiabank currently has a “Outperform” rating and a $39.00 target price on the stock. The consensus estimate for AltaGas’ current full-year earnings is $2.30 per share. Scotiabank also issued estimates for AltaGas’ FY2026 earnings at $2.45 EPS.

A number of other brokerages also recently issued reports on ALA. Jefferies Financial Group upped their price target on AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. CIBC upped their target price on AltaGas from C$40.00 to C$42.00 and gave the company an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. downgraded AltaGas from an “overweight” rating to a “neutral” rating and raised their price target for the stock from C$36.00 to C$37.00 in a report on Wednesday, October 23rd. ATB Capital set a C$36.00 price objective on shares of AltaGas and gave the company an “outperform” rating in a report on Tuesday, September 24th. Finally, 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. One equities research 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 has an average rating of “Moderate Buy” and an average target price of C$38.30.

AltaGas Trading Up 1.2 %

TSE:ALA opened at C$34.36 on Thursday. The stock has a market capitalization of C$10.22 billion, a price-to-earnings ratio of 23.70, a PEG ratio of -4.97 and a beta of 1.23. AltaGas has a 52 week low of C$26.91 and a 52 week high of C$35.77. 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 firm has a 50 day moving average of C$33.64 and a 200 day moving average of C$33.09.

AltaGas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.298 per share. This represents a $1.19 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend was Monday, December 16th. AltaGas’s payout ratio is 82.07%.

Insider Activity

In related news, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was bought at an average cost of C$32.97 per share, with a total value of C$250,549.20. Insiders own 0.58% of the company’s stock.

AltaGas Company Profile

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage.