AltaGas Ltd. to Post FY2024 Earnings of $2.16 Per Share, Raymond James Forecasts (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Investment analysts at Raymond James upped their FY2024 earnings per share (EPS) estimates for shares of AltaGas in a report released on Wednesday, July 24th. Raymond James analyst D. Quezada now forecasts that the company will post earnings of $2.16 per share for the year, up from their prior forecast of $2.14. Raymond James has a “Outperform” rating and a $35.00 price objective on the stock. The consensus estimate for AltaGas’ current full-year earnings is $2.14 per share. Raymond James also issued estimates for AltaGas’ Q4 2024 earnings at $0.75 EPS, Q1 2025 earnings at $1.04 EPS, Q3 2025 earnings at $0.17 EPS, Q4 2025 earnings at $0.80 EPS and FY2025 earnings at $2.27 EPS.

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

A number of other brokerages also recently commented on ALA. ATB Capital boosted their price objective on shares of AltaGas from C$35.00 to C$36.00 and gave the stock an “outperform” rating in a research note on Thursday, May 30th. Royal Bank of Canada boosted their price target on AltaGas from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. BMO Capital Markets lifted their target price on AltaGas from C$36.00 to C$37.00 and gave the company an “outperform” rating in a research note on Thursday, May 30th. CIBC increased their price target on shares of AltaGas from C$38.00 to C$40.00 in a research report on Monday, July 15th. Finally, Scotiabank lifted their price objective on shares of AltaGas from C$33.00 to C$35.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Ten research 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$35.90.

AltaGas Trading Up 0.1 %

TSE:ALA opened at C$32.72 on Monday. The company has a debt-to-equity ratio of 117.56, a quick ratio of 0.44 and a current ratio of 1.01. The firm has a 50-day simple moving average of C$30.96 and a 200-day simple moving average of C$29.77. AltaGas has a one year low of C$24.67 and a one year high of C$33.07. The firm has a market cap of C$9.69 billion, a P/E ratio of 15.88, a P/E/G ratio of -4.97 and a beta of 1.22.

Insider Transactions at AltaGas

In other news, Director Angela S. Lekatsas purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were bought at an average price of C$30.58 per share, for a total transaction of C$61,160.00. In other AltaGas news, Senior Officer Bertram Grant Bradley sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of C$30.96, for a total transaction of C$309,600.00. Also, Director Angela S. Lekatsas acquired 2,000 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were purchased at an average price of C$30.58 per share, with a total value of C$61,160.00. Over the last three months, insiders bought 20,500 shares of company stock worth $627,795 and sold 172,750 shares worth $5,257,062. Company insiders own 0.57% of the company’s stock.

AltaGas Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 28th were paid a dividend of $0.298 per share. The ex-dividend date was Friday, June 14th. This represents a $1.19 annualized dividend and a yield of 3.64%. AltaGas’s payout ratio is presently 57.77%.

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.