Q2 2024 EPS Estimates for AltaGas Ltd. (TSE:ALA) Cut by Analyst

AltaGas Ltd. (TSE:ALA) – Research analysts at Raymond James dropped their Q2 2024 earnings estimates for shares of AltaGas in a research note issued to investors on Thursday, May 2nd. Raymond James analyst D. Quezada now forecasts that the company will earn $0.16 per share for the quarter, down from their previous estimate 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.

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

Other equities analysts also recently issued research reports about the company. Royal Bank of Canada raised their target price on AltaGas from C$32.00 to C$34.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Scotiabank boosted their price target on shares of AltaGas from C$33.00 to C$35.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. National Bankshares raised their price target on shares of AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. Jefferies Financial Group set a C$34.00 price objective on AltaGas and gave the stock a “buy” rating in a research report on Tuesday, February 27th. Finally, TD Securities lifted their target price on AltaGas from C$32.00 to C$34.00 and gave the company a “buy” rating in a report on Monday, March 11th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, AltaGas currently has an average rating of “Buy” and a consensus price target of C$34.15.

AltaGas Trading Down 0.3 %

ALA stock opened at C$30.10 on Monday. The firm has a market cap of C$8.89 billion, a P/E ratio of 13.32, a PEG ratio of -4.97 and a beta of 1.22. The company’s 50-day simple moving average is C$29.54 and its 200-day simple moving average is C$28.23. 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 has a 52-week low of C$22.57 and a 52-week high of C$30.58.

AltaGas Increases Dividend

The company also recently announced 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 represents a $1.19 dividend on an annualized basis and a yield of 3.96%. This is a positive change from AltaGas’s previous quarterly dividend of $0.28. AltaGas’s dividend payout ratio (DPR) is 52.65%.

Insider Buying and Selling at AltaGas

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 other AltaGas news, Director Jeremy Jason Weatherhead sold 12,215 shares of AltaGas stock in a transaction on Tuesday, March 12th. The shares were 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 the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of C$29.18, for a total value of C$1,167,200.00. In the last three months, insiders sold 94,339 shares of company stock worth $2,798,722. 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.