AltaGas Ltd. (TSE:ALA) Expected to Earn Q1 2024 Earnings of $1.03 Per Share

AltaGas Ltd. (TSE:ALA) – Research analysts at Atb Cap Markets lowered their Q1 2024 EPS estimates for shares of AltaGas in a report released on Tuesday, April 23rd. Atb Cap Markets analyst N. Heywood now forecasts that the company will post earnings per share of $1.03 for the quarter, down from their previous estimate of $1.04. The consensus estimate for AltaGas’ current full-year earnings is $2.15 per share. Atb Cap Markets also issued estimates for AltaGas’ FY2024 earnings at $2.10 EPS.

AltaGas (TSE:ALA) last released its quarterly earnings data on Friday, March 8th. The company reported C$0.75 earnings per share for the quarter, hitting the consensus estimate of C$0.75. AltaGas had a net margin of 5.18% and a return on equity of 8.90%. The business had revenue of C$3.29 billion for the quarter, compared to analyst estimates of C$4.11 billion.

Other research analysts have also issued research reports about the stock. TD Securities lifted their price target on shares of AltaGas from C$32.00 to C$34.00 and gave the company a “buy” rating in a research note on Monday, March 11th. Scotiabank lifted their price target on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. National Bankshares lifted their price target on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. 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. Finally, 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. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of C$33.75.

AltaGas Stock Down 0.3 %

AltaGas stock opened at C$30.13 on Thursday. The company has a debt-to-equity ratio of 125.64, a current ratio of 0.89 and a quick ratio of 0.44. AltaGas has a fifty-two week low of C$22.57 and a fifty-two week high of C$30.32. The company’s 50 day simple moving average is C$29.31 and its 200 day simple moving average is C$28.02. The firm has a market capitalization of C$8.90 billion, a price-to-earnings ratio of 13.33, a PEG ratio of -4.97 and a beta of 1.22.

AltaGas Increases Dividend

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

Insider Buying and Selling

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