Raymond James Comments on AltaGas Ltd.’s Q1 2024 Earnings (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Research analysts at Raymond James issued their Q1 2024 earnings per share (EPS) estimates for AltaGas in a research report issued on Thursday, April 25th. Raymond James analyst D. Quezada anticipates that the company will earn $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.

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

AltaGas Trading Down 0.3 %

Shares of ALA stock opened at C$30.13 on Friday. The stock’s fifty day moving average price is C$29.31 and its two-hundred day moving average price is C$28.03. The company has a market cap 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. AltaGas has a fifty-two week low of C$22.57 and a fifty-two week high of C$30.32. The company has a debt-to-equity ratio of 125.64, a quick ratio of 0.44 and a current ratio of 0.89.

AltaGas (TSE:ALA) last issued its earnings results on Friday, March 8th. The company reported C$0.75 earnings per share for the quarter, meeting analysts’ consensus estimates 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 return on equity of 8.90% and a net margin of 5.18%.

AltaGas Increases Dividend

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

Insider Buying and Selling

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

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.