AltaGas Ltd. (TSE:ALA) Forecasted to Post Q3 2024 Earnings of $0.07 Per Share

AltaGas Ltd. (TSE:ALA) – Equities research analysts at Raymond James cut their Q3 2024 earnings per share estimates for AltaGas in a research report issued to clients and investors on Thursday, August 1st. Raymond James analyst D. Quezada now expects that the company will post earnings of $0.07 per share for the quarter, down from their prior forecast of $0.13. Raymond James currently has a “Outperform” rating and a $37.00 price target 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 $0.77 EPS, Q1 2025 earnings at $1.05 EPS, Q3 2025 earnings at $0.20 EPS, Q4 2025 earnings at $0.81 EPS and FY2025 earnings at $2.30 EPS.

A number of other brokerages have also commented on ALA. Scotiabank increased their price objective on AltaGas from C$35.00 to C$36.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. CIBC upped their target price on shares of AltaGas from C$38.00 to C$40.00 in a research report on Monday, July 15th. BMO Capital Markets lifted their price target on shares of 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 shares of AltaGas from C$35.00 to C$36.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, ATB Capital raised their price objective on shares of AltaGas from C$35.00 to C$36.00 and gave the company an “outperform” rating in a research note on Thursday, May 30th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, AltaGas currently has a consensus rating of “Buy” and a consensus price target of C$36.60.

AltaGas Trading Down 0.9 %

Shares of TSE ALA opened at C$32.66 on Monday. AltaGas has a 1-year low of C$24.67 and a 1-year high of C$33.94. The company has a current ratio of 1.01, a quick ratio of 0.44 and a debt-to-equity ratio of 117.56. The company has a 50-day moving average of C$31.16 and a two-hundred day moving average of C$29.88. The company has a market cap of C$9.67 billion, a PE ratio of 15.85, a P/E/G ratio of -4.97 and a beta of 1.22.

AltaGas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Monday, September 16th. AltaGas’s dividend payout ratio is currently 57.77%.

Insiders Place Their Bets

In related news, Senior Officer Vernon Dai-Chung Yu acquired 16,500 shares of AltaGas stock in a transaction on Tuesday, June 11th. The stock was purchased at an average cost of C$30.71 per share, with a total value of C$506,715.00. In related news, Senior Officer James Harbilas sold 100,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of C$30.45, for a total value of C$3,045,000.00. Also, Senior Officer Vernon Dai-Chung Yu purchased 16,500 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were purchased at an average cost of C$30.71 per share, with a total value of C$506,715.00. Over the last three months, insiders have bought 20,500 shares of company stock valued at $627,795 and have sold 146,650 shares valued at $4,461,012. 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.