Atb Cap Markets Weighs in on AltaGas Ltd.’s Q2 2024 Earnings (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Analysts at Atb Cap Markets dropped their Q2 2024 earnings estimates for AltaGas in a research report issued on Thursday, May 2nd. Atb Cap Markets analyst N. Heywood now anticipates that the company will post earnings per share of $0.12 for the quarter, down from their previous estimate of $0.17. The consensus estimate for AltaGas’ current full-year earnings is $2.15 per share. Atb Cap Markets also issued estimates for AltaGas’ Q4 2024 earnings at $0.79 EPS, Q1 2025 earnings at $1.16 EPS, Q3 2025 earnings at $0.18 EPS, Q4 2025 earnings at $0.75 EPS and FY2026 earnings at $2.59 EPS.

AltaGas (TSE:ALA) last posted its quarterly earnings results on Friday, March 8th. The company reported C$0.75 earnings per share for the quarter, hitting the consensus estimate of C$0.75. The firm had revenue of C$3.29 billion for 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 equities analysts also recently commented on ALA. Jefferies Financial Group set a C$34.00 target price on shares of AltaGas and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Royal Bank of Canada lifted their target price on shares of AltaGas from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. National Bankshares lifted their target price on shares of AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research note 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. Finally, Scotiabank lifted their price objective on shares of AltaGas from C$33.00 to C$35.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of C$34.15.

AltaGas Stock Performance

TSE:ALA opened at C$30.10 on Monday. The company’s 50-day moving average price is C$29.54 and its 200-day moving average price is C$28.23. The company has a current ratio of 0.89, a quick ratio of 0.44 and a debt-to-equity ratio of 125.64. The company has a market cap of C$8.89 billion, a P/E ratio of 13.32, a P/E/G ratio of -4.97 and a beta of 1.22. AltaGas has a twelve month low of C$22.57 and a twelve month high of C$30.58.

Insiders Place Their Bets

In other AltaGas news, Senior Officer James Harbilas sold 26,100 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of C$30.50, for a total transaction of C$796,050.00. In other news, Senior Officer Randy Warren Toone sold 40,000 shares of the business’s stock in a transaction that occurred on 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, Senior Officer James Harbilas sold 26,100 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of C$30.50, for a total transaction of C$796,050.00. Insiders sold 94,339 shares of company stock worth $2,798,722 in the last 90 days. Corporate insiders own 0.57% of the company’s stock.

AltaGas Increases Dividend

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

AltaGas Company Profile

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.