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

AltaGas Ltd. (TSE:ALA) – Equities research analysts at Raymond James issued their Q1 2024 earnings estimates for AltaGas in a research note issued to investors on Thursday, April 25th. Raymond James analyst D. Quezada expects 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 posted its quarterly earnings results on Friday, March 8th. The company reported C$0.75 earnings per share 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 firm had revenue of C$3.29 billion for the quarter, compared to the consensus estimate of C$4.11 billion.

Several other brokerages have also recently issued reports on ALA. National Bankshares lifted their price objective on AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. CIBC increased their price target on shares of AltaGas from C$34.00 to C$36.00 and gave the company an “outperform” rating in a research report on Friday, December 29th. Scotiabank lifted their price objective on AltaGas from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Jefferies Financial Group set a C$34.00 target price on AltaGas and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, TD Securities raised their price target on AltaGas from C$32.00 to C$34.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of C$33.75.

AltaGas Stock Up 0.1 %

Shares of TSE ALA opened at C$30.22 on Friday. The stock has a market capitalization of C$8.92 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of -4.97 and a beta of 1.22. AltaGas has a 52 week low of C$22.57 and a 52 week high of C$30.32. The firm has a 50-day moving average price of C$29.27 and a 200 day moving average price of C$27.99. The company has a quick ratio of 0.44, a current ratio of 0.89 and a debt-to-equity ratio of 125.64.

AltaGas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 28th were paid a $0.298 dividend. This is a positive change from AltaGas’s previous quarterly dividend of $0.28. This represents a $1.19 annualized dividend and a yield of 3.94%. The ex-dividend date was Thursday, March 14th. AltaGas’s dividend payout ratio is presently 52.65%.

Insider Buying and Selling

In other news, Director Jeremy Jason Weatherhead sold 12,215 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total transaction of C$361,564.00. In related news, Director Jeremy Jason Weatherhead sold 12,215 shares of the 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. Also, Senior Officer Randy Warren Toone sold 40,000 shares of AltaGas stock in a transaction 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. Over the last ninety days, insiders have sold 68,239 shares of company stock worth $2,002,672. 0.57% of the stock is owned by company 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.