Analysts Issue Forecasts for AltaGas Ltd.’s Q2 2024 Earnings (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Analysts at Raymond James dropped their Q2 2024 earnings estimates for AltaGas in a report released on Thursday, May 2nd. Raymond James analyst D. Quezada now anticipates that the company will post earnings of $0.16 per share for the quarter, down from their previous forecast of $0.22. The consensus estimate for AltaGas’ current full-year earnings is $2.15 per share. Raymond James also issued estimates for AltaGas’ Q3 2024 earnings at $0.13 EPS, Q4 2024 earnings at $0.72 EPS, Q1 2025 earnings at $1.03 EPS, Q2 2025 earnings at $0.25 EPS, Q3 2025 earnings at $0.15 EPS, Q4 2025 earnings at $0.79 EPS and FY2025 earnings at $2.22 EPS.

Several other brokerages have also issued reports on ALA. TD Securities increased their price target on shares of AltaGas from C$32.00 to C$34.00 and gave the stock a “buy” rating in a research note on Monday, March 11th. Royal Bank of Canada raised their target price on shares of AltaGas from C$32.00 to C$34.00 and gave the company an “outperform” rating in a research note on Friday. Jefferies Financial Group set a C$34.00 price target on AltaGas and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Scotiabank raised their price objective on AltaGas from C$33.00 to C$35.00 and gave the company an “outperform” rating in a research report on Friday. Finally, National Bankshares increased their target price on AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of C$34.15.

AltaGas Price Performance

ALA opened at C$30.20 on Monday. AltaGas has a 12-month low of C$22.57 and a 12-month high of C$30.58. The company has a market cap of C$8.92 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of -4.97 and a beta of 1.22. 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 stock has a fifty day simple moving average of C$29.50 and a two-hundred day simple moving average of C$28.19.

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

Insider Buying and Selling

In other AltaGas news, Senior Officer Randy Warren Toone sold 40,000 shares of the company’s stock in a transaction dated 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 other news, Senior Officer Randy Warren Toone sold 40,000 shares of the 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. Also, Director Jeremy Jason Weatherhead sold 12,215 shares of AltaGas stock in a transaction 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 the last ninety days, insiders sold 68,239 shares of company stock worth $2,002,672. 0.57% of the stock is owned by corporate insiders.

AltaGas Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from AltaGas’s previous quarterly dividend of $0.28. This represents a $1.19 annualized dividend and a dividend yield of 3.95%. AltaGas’s dividend payout ratio (DPR) is 52.65%.

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.