AltaGas Ltd. Forecasted to Earn Q1 2024 Earnings of $1.04 Per Share (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Stock analysts at Raymond James issued their Q1 2024 earnings estimates for AltaGas in a research report issued on Thursday, April 25th. Raymond James analyst D. Quezada forecasts that the company will post earnings of $1.04 per share for the quarter. The consensus estimate for AltaGas’ current full-year earnings is $2.15 per share. Raymond James also issued estimates for AltaGas’ Q2 2024 earnings at $0.22 EPS, Q3 2024 earnings at $0.14 EPS, Q4 2024 earnings at $0.79 EPS, FY2024 earnings at $2.20 EPS, Q1 2025 earnings at $1.12 EPS, Q2 2025 earnings at $0.21 EPS, Q3 2025 earnings at $0.17 EPS, Q4 2025 earnings at $0.82 EPS and FY2025 earnings at $2.32 EPS.

AltaGas (TSE:ALA) last posted its earnings results on Friday, March 8th. The company reported C$0.75 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of C$0.75. The company had revenue of C$3.29 billion during the quarter, compared to the consensus estimate of C$4.11 billion. AltaGas had a net margin of 5.18% and a return on equity of 8.90%.

A number of other research analysts have also recently weighed in on the stock. National Bankshares lifted their price objective on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. TD Securities lifted their price objective on shares of AltaGas from C$32.00 to C$34.00 and gave the company a “buy” rating in a report on Monday, March 11th. CIBC lifted their price objective on shares of AltaGas from C$34.00 to C$36.00 and gave the company an “outperform” rating in a report on Friday, December 29th. Jefferies Financial Group set a C$34.00 price objective on shares of AltaGas and gave the company a “buy” rating in a report on Tuesday, February 27th. Finally, Scotiabank lifted their price objective on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, AltaGas has an average rating of “Buy” and an average price target of C$33.75.

AltaGas Trading Down 0.3 %

TSE ALA opened at C$30.13 on Friday. The company has a market capitalization of C$8.90 billion, a PE ratio of 13.33, a P/E/G ratio of -4.97 and a beta of 1.22. The company has a fifty day moving average of C$29.31 and a 200 day moving average of C$28.02. AltaGas has a 1 year low of C$22.57 and a 1 year high of C$30.32. The company has a debt-to-equity ratio of 125.64, a current ratio of 0.89 and a quick ratio of 0.44.

Insider Transactions at AltaGas

In other news, Senior Officer Randy Warren Toone sold 40,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. In related news, Senior Officer Randy Warren Toone sold 40,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. Also, Director Jeremy Jason Weatherhead sold 12,215 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total transaction of C$361,564.00. Insiders sold 68,239 shares of company stock valued at $2,002,672 over the last 90 days. Corporate insiders own 0.57% of the company’s stock.

AltaGas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.298 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.96%. This is a boost from AltaGas’s previous quarterly dividend of $0.28. AltaGas’s payout ratio is currently 52.65%.

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.