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

AltaGas Ltd. (TSE:ALA) – Atb Cap Markets reduced their Q1 2024 earnings per share (EPS) estimates for AltaGas in a note issued to investors on Tuesday, April 23rd. Atb Cap Markets analyst N. Heywood now expects that the company will post earnings of $1.03 per share for the quarter, down from their prior forecast 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.

ALA has been the subject of several other research reports. National Bankshares upped their price objective 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. TD Securities upped their price objective 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. CIBC upped their price objective on shares of AltaGas from C$34.00 to C$36.00 and gave the company an “outperform” rating in a research note on Friday, December 29th. Jefferies Financial Group set a C$34.00 price objective on shares of AltaGas and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, Scotiabank upped their price objective 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. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of C$33.75.

AltaGas Stock Performance

Shares of ALA stock opened at C$30.13 on Thursday. 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 firm has a fifty day moving average price of C$29.31 and a 200 day moving average price of C$28.02. The company has a market cap of C$8.90 billion, a P/E ratio of 13.33, a PEG ratio of -4.97 and a beta of 1.22. AltaGas has a 12 month low of C$22.57 and a 12 month high of C$30.32.

AltaGas (TSE:ALA) last posted its quarterly earnings results on Friday, March 8th. The company reported C$0.75 EPS for the quarter, hitting the consensus estimate of C$0.75. The business had revenue of C$3.29 billion during 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%.

AltaGas Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.298 per share. The ex-dividend date of this dividend was Thursday, March 14th. 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. AltaGas’s dividend payout ratio (DPR) is currently 52.65%.

Insiders Place Their Bets

In other AltaGas news, Senior Officer Randy Warren Toone sold 40,000 shares of the 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. In related news, Director Jeremy Jason Weatherhead sold 12,215 shares of AltaGas stock in a transaction on Tuesday, March 12th. The shares were 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 business’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. Insiders have sold a total of 68,239 shares of company stock valued at $2,002,672 over the last quarter. Company 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.