FY2024 EPS Estimates for AltaGas Raised by Atb Cap Markets

AltaGas Ltd. (TSE:ALA - Free Report) - Investment analysts at Atb Cap Markets upped their FY2024 earnings per share (EPS) estimates for shares of AltaGas in a report 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.

AltaGas (TSE:ALA - Get Free Report) last released its earnings results on Thursday, August 1st. The company reported C$0.14 earnings per share for the quarter, beating the consensus estimate of C$0.12 by C$0.02. AltaGas had a net margin of 3.58% and a return on equity of 5.78%. The firm had revenue of C$2.78 billion during the quarter, compared to analyst estimates of C$2.54 billion.

A number of other equities analysts also recently commented on ALA. National Bankshares lifted their target price on AltaGas from C$36.00 to C$39.00 and gave the company an "outperform" rating in a research note on Friday, August 23rd. ATB Capital set a C$36.00 price objective on AltaGas and gave the company an "outperform" rating in a research report on Tuesday, September 24th. BMO Capital Markets increased their target price on AltaGas from C$37.00 to C$40.00 in a research report on Thursday, September 5th. Raymond James boosted their price target on shares of AltaGas from C$35.00 to C$37.00 and gave the company an "outperform" rating in a report on Friday, August 2nd. Finally, Jefferies Financial Group upped their price target on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a "buy" rating in a research report on Monday, September 30th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of C$38.10.

AltaGas Stock Performance

Shares of AltaGas stock traded down C$0.53 during trading hours on Monday, reaching C$33.18. The company's stock had a trading volume of 676,265 shares, compared to its average volume of 893,362. 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 one year low of C$26.10 and a one year high of C$35.77. The company's 50 day simple moving average is C$34.08 and its 200 day simple moving average is C$31.98. The stock has a market cap of C$9.87 billion, a P/E ratio of 22.88, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23.

Insiders Place Their Bets

In other news, Senior Officer Randy Warren Toone sold 3,000 shares of the stock in a transaction that occurred on 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 Randy Warren Toone sold 3,000 shares of the company'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. Also, Director Aaron Bishop sold 19,820 shares of the firm's stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of C$33.58, for a total value of C$665,555.60. In the last three months, insiders have sold 33,320 shares of company stock worth $1,125,051. 0.58% of the stock is owned by corporate insiders.

AltaGas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $0.298 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $1.19 annualized dividend and a yield of 3.59%. AltaGas's payout ratio 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.