National Bank Financial Comments on AltaGas Ltd.’s Q1 2024 Earnings (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Equities researchers at National Bank Financial issued their Q1 2024 earnings per share estimates for shares of AltaGas in a research note issued to investors on Tuesday, April 23rd. National Bank Financial analyst P. Kenny forecasts that the company will post earnings per share of $1.05 for the quarter. The consensus estimate for AltaGas’ current full-year earnings is $2.15 per share.

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

AltaGas Stock Up 0.1 %

Shares of TSE:ALA opened at C$30.22 on Thursday. The firm has a market cap of C$8.92 billion, a P/E ratio of 13.37, 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 0.89 and a debt-to-equity ratio of 125.64. AltaGas has a 12-month low of C$22.57 and a 12-month high of C$30.32. The business has a fifty day simple moving average of C$29.27 and a 200 day simple moving average of C$27.99.

AltaGas (TSE:ALA) last announced its quarterly earnings results on Friday, March 8th. The company reported C$0.75 EPS 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 company had revenue of C$3.29 billion during the quarter, compared to analysts’ expectations of C$4.11 billion.

AltaGas Increases Dividend

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

Insider Buying and Selling at AltaGas

In other AltaGas news, Director Jeremy Jason Weatherhead sold 12,215 shares of the business’s stock in a transaction on 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 news, Director Jeremy Jason Weatherhead sold 12,215 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total transaction of C$361,564.00. Also, Senior Officer Randy Warren Toone sold 40,000 shares of the business’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. Insiders have sold 68,239 shares of company stock valued at $2,002,672 in the last 90 days. 0.57% of the stock is currently 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.