FY2024 Earnings Forecast for AltaGas Issued By Scotiabank

AltaGas Ltd. (TSE:ALA - Free Report) - 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.

ALA has been the subject of a number of other research reports. ATB Capital set a C$36.00 price objective on AltaGas and gave the stock an "outperform" rating in a research report on Tuesday, September 24th. CIBC raised their price target on AltaGas from C$40.00 to C$42.00 and gave the stock an "outperform" rating in a report on Thursday. 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 report on Monday, September 30th. Royal Bank of Canada lifted their target price on shares of AltaGas from C$37.00 to C$40.00 and gave the stock an "outperform" rating in a research note on Thursday, October 3rd. Finally, JPMorgan Chase & Co. lowered shares of AltaGas from an "overweight" rating to a "neutral" rating and upped their price target for the company from C$36.00 to C$37.00 in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, AltaGas has a consensus rating of "Moderate Buy" and a consensus price target of C$38.30.

AltaGas Stock Down 0.5 %

ALA traded down C$0.18 during trading on Thursday, hitting C$33.94. The stock had a trading volume of 1,028,592 shares, compared to its average volume of 792,229. The stock has a 50 day simple moving average of C$33.62 and a two-hundred day simple moving average of C$33.06. The company has a debt-to-equity ratio of 115.50, a quick ratio of 0.44 and a current ratio of 0.85. AltaGas has a twelve month low of C$26.91 and a twelve month high of C$35.77. The company has a market capitalization of C$10.09 billion, a PE ratio of 23.41, a PEG ratio of -4.97 and a beta of 1.23.

AltaGas Dividend Announcement

The business also recently disclosed 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 was Monday, December 16th. This represents a $1.19 annualized dividend and a dividend yield of 3.51%. AltaGas's dividend payout ratio (DPR) is presently 82.07%.

Insider Buying and Selling at AltaGas

In related news, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of AltaGas stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average price of C$33.12 per share, for a total transaction of C$251,719.60. 0.58% of the stock is currently owned by corporate insiders.

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.