AltaGas Ltd. (TSE:ALA) to Post Q2 2024 Earnings of $0.09 Per Share, National Bank Financial Forecasts

AltaGas Ltd. (TSE:ALA) – Stock analysts at National Bank Financial issued their Q2 2024 earnings per share estimates for shares of AltaGas in a report released on Wednesday, July 24th. National Bank Financial analyst P. Kenny anticipates that the company will earn $0.09 per share for the quarter. The consensus estimate for AltaGas’ current full-year earnings is $2.14 per share.

AltaGas (TSE:ALA) last released its quarterly earnings data on Thursday, May 2nd. The company reported C$1.14 EPS for the quarter, topping analysts’ consensus estimates of C$1.05 by C$0.09. The firm had revenue of C$3.66 billion for the quarter, compared to the consensus estimate of C$4.13 billion. AltaGas had a return on equity of 7.93% and a net margin of 5.03%.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada lifted their price objective 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, May 3rd. BMO Capital Markets boosted their price target on AltaGas from C$36.00 to C$37.00 and gave the stock an “outperform” rating in a research report on Thursday, May 30th. National Bankshares increased their price objective on AltaGas from C$33.00 to C$35.00 and gave the company an “outperform” rating in a report on Thursday, May 30th. 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 note on Friday, May 3rd. Finally, ATB Capital upped their target price on AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a research report on Thursday, May 30th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of C$35.60.

AltaGas Stock Performance

ALA stock opened at C$32.90 on Friday. The firm has a 50 day moving average of C$30.88 and a two-hundred day moving average of C$29.70. AltaGas has a 12 month low of C$24.10 and a 12 month high of C$33.07. The company has a market capitalization of C$9.74 billion, a price-to-earnings ratio of 15.97, a P/E/G ratio of -4.97 and a beta of 1.22. The company has a quick ratio of 0.44, a current ratio of 1.01 and a debt-to-equity ratio of 117.56.

AltaGas Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 28th were given a $0.298 dividend. This represents a $1.19 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend was Friday, June 14th. AltaGas’s dividend payout ratio is currently 57.77%.

Insider Transactions at AltaGas

In other news, Senior Officer James Harbilas sold 26,100 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of C$30.50, for a total value of C$796,050.00. In other news, Senior Officer James Harbilas sold 26,100 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of C$30.50, for a total transaction of C$796,050.00. Also, Senior Officer Bertram Grant Bradley sold 15,000 shares of AltaGas stock in a transaction dated Monday, June 24th. The stock was sold at an average price of C$30.59, for a total value of C$458,850.00. Over the last three months, insiders acquired 20,500 shares of company stock worth $627,795 and sold 172,750 shares worth $5,257,062. Corporate insiders own 0.57% of the company’s stock.

AltaGas Company Profile

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.