AltaGas Ltd. Forecasted to Post Q3 2023 Earnings of $0.07 Per Share (TSE:ALA)

AltaGas Ltd. (TSE:ALA – Get Rating) – Stock analysts at Atb Cap Markets decreased their Q3 2023 earnings per share (EPS) estimates for shares of AltaGas in a note issued to investors on Monday, May 15th. Atb Cap Markets analyst N. Heywood now anticipates that the company will post earnings per share of $0.07 for the quarter, down from their prior estimate of $0.08. The consensus estimate for AltaGas’ current full-year earnings is $1.92 per share. Atb Cap Markets also issued estimates for AltaGas’ Q1 2024 earnings at $1.06 EPS.

ALA has been the subject of a number of other reports. Scotiabank increased their price target on AltaGas from C$30.00 to C$31.00 in a report on Monday, January 23rd. CSFB cut their price objective on shares of AltaGas from C$33.00 to C$32.50 in a research report on Tuesday, May 9th. Barclays set a C$29.00 price objective on shares of AltaGas and gave the stock an “overweight” rating in a research report on Wednesday, January 18th. BMO Capital Markets cut their price objective on shares of AltaGas from C$36.00 to C$35.00 in a research report on Friday, March 3rd. Finally, Raymond James cut their price objective on shares of AltaGas from C$35.50 to C$35.00 and set an “outperform” rating on the stock in a research report on Monday, March 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$31.89.

AltaGas Stock Performance

Shares of AltaGas stock opened at C$23.35 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.44 and a debt-to-equity ratio of 111.00. The business has a 50-day moving average price of C$22.90 and a two-hundred day moving average price of C$23.47. AltaGas has a 1-year low of C$21.25 and a 1-year high of C$30.71. The company has a market cap of C$6.58 billion, a P/E ratio of 13.50, a PEG ratio of -4.97 and a beta of 1.31.

AltaGas (TSE:ALA – Get Rating) last issued its quarterly earnings results on Thursday, March 2nd. The company reported C$0.63 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.67 by C($0.04). AltaGas had a return on equity of 8.20% and a net margin of 4.17%. The business had revenue of C$3.90 billion for the quarter, compared to analyst estimates of C$2.74 billion.

AltaGas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be given a $0.28 dividend. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $1.12 annualized dividend and a yield of 4.80%. AltaGas’s payout ratio is 64.74%.

AltaGas Company Profile

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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 rate-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio, and the District of Columbia serving approximately 1.7 million customers.