AltaGas Ltd. Forecasted to Earn Q1 2024 Earnings of $1.04 Per Share (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Stock analysts at Raymond James issued their Q1 2024 earnings per share estimates for shares of AltaGas in a research note issued to investors on Thursday, April 25th. Raymond James analyst D. Quezada forecasts that the company will post earnings of $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.

AltaGas (TSE:ALA) last announced its quarterly earnings results on Friday, March 8th. The company reported C$0.75 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of C$0.75. AltaGas had a return on equity of 8.90% and a net margin of 5.18%. The company had revenue of C$3.29 billion for the quarter, compared to the consensus estimate of C$4.11 billion.

ALA has been the topic of a number of other research reports. TD Securities boosted their price target on AltaGas from C$32.00 to C$34.00 and gave the company a “buy” rating in a report on Monday, March 11th. Scotiabank upped their target price on AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. National Bankshares upped their target price on AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. Jefferies Financial Group set a C$34.00 target price on AltaGas and gave the stock a “buy” rating in a report on Tuesday, February 27th. Finally, CIBC upped their target price on AltaGas from C$34.00 to C$36.00 and gave the stock an “outperform” rating in a report on Friday, December 29th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, AltaGas presently has an average rating of “Buy” and an average price target of C$33.75.

AltaGas Stock Down 0.3 %

Shares of TSE:ALA opened at C$30.13 on Friday. AltaGas has a 1 year low of C$22.57 and a 1 year high of C$30.32. 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. The company has a debt-to-equity ratio of 125.64, a current ratio of 0.89 and a quick ratio of 0.44. The stock’s 50-day moving average is C$29.31 and its 200 day moving average is C$28.02.

AltaGas Increases Dividend

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

Insider Transactions at AltaGas

In other news, Director Jeremy Jason Weatherhead sold 12,215 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of C$29.60, for a total value of C$361,564.00. In related news, Director Jeremy Jason Weatherhead sold 12,215 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of C$29.60, for a total value of C$361,564.00. Also, Senior Officer Randy Warren Toone sold 40,000 shares of the company’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 value of C$1,167,200.00. Insiders have sold a total of 68,239 shares of company stock valued at $2,002,672 in the last ninety days. 0.57% of the stock is currently owned by corporate insiders.

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.