AltaGas (TSE:ALA) Issues Quarterly Earnings Results

AltaGas (TSE:ALA) issued its earnings results on Thursday. The company reported C$0.31 earnings per share for the quarter, FiscalAI reports. AltaGas had a net margin of 4.02% and a return on equity of 5.92%. The company had revenue of C$3.80 billion for the quarter.

Here are the key takeaways from AltaGas’ conference call:

• AltaGas raised its 2026 guidance, increasing normalized EBITDA to CAD 2.0–2.1 billion and normalized EPS to CAD 2.35–2.60 per share, reflecting strong first-half performance and expected year-over-year EBITDA growth of about 10%.
• REEF is now expected to enter service before the end of Q1 2027, later than previously planned, while its capital cost estimate increased 12% to approximately CAD 1.5 billion due to weather, ocean conditions, and marine mammal-related construction delays.
• Midstream performance was especially strong, with normalized EBITDA up 33% year over year to CAD 285 million and record LPG exports of 144,000 barrels per day. AltaGas said Middle East supply disruptions are supporting physical premiums and strengthening demand for Canadian LPG.
• Utilities continue to provide visible growth through modernization spending, regulatory rate increases, and demand from data centers and other large-load customers; the company expects approximately 10% rate-base growth in 2026 and 8% long-term growth through 2030.
• AltaGas increased its 2026 capital budget to CAD 1.8 billion while maintaining leverage at 4.4 times, below its 4.5–5.0 times target range. Management expects leverage to move toward the midpoint of that range as capital spending and seasonal business requirements increase.

AltaGas Stock Performance

AltaGas stock traded up C$0.22 during midday trading on Thursday, reaching C$55.86. 602,295 shares of the stock traded hands, compared to its average volume of 993,832. The company has a current ratio of 0.88, a quick ratio of 0.43 and a debt-to-equity ratio of 115.95. The firm has a fifty day moving average price of C$54.41 and a two-hundred day moving average price of C$49.43. The firm has a market cap of C$17.40 billion, a price-to-earnings ratio of 34.06, a PEG ratio of -4.97 and a beta of 0.35. AltaGas has a fifty-two week low of C$39.45 and a fifty-two week high of C$57.52.

AltaGas Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were given a $0.334 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $1.34 annualized dividend and a yield of 2.4%. AltaGas’s dividend payout ratio (DPR) is currently 77.99%.

Analyst Ratings Changes

ALA has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of AltaGas from C$49.00 to C$52.00 in a research report on Tuesday, April 14th. National Bank Financial raised their target price on shares of AltaGas from C$52.00 to C$60.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. ATB Cormark Capital Markets lifted their target price on AltaGas from C$54.00 to C$56.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Royal Bank Of Canada upped their target price on AltaGas from C$50.00 to C$55.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Finally, Scotiabank upped their target price on AltaGas from C$57.00 to C$62.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of C$54.88.

About AltaGas

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage. Natural gas is sold and purchased for both commercial and industrial users.