Research Analysts Offer Predictions for AltaGas Ltd.’s Q2 2024 Earnings (TSE:ALA)

AltaGas Ltd. (TSE:ALA) – Investment analysts at Raymond James cut their Q2 2024 earnings per share estimates for shares of AltaGas in a report issued on Thursday, May 2nd. Raymond James analyst D. Quezada now forecasts that the company will post earnings of $0.16 per share for the quarter, down from their prior 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 announced its quarterly earnings results on Friday, March 8th. The company reported C$0.75 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of C$0.75. AltaGas had a net margin of 5.18% and a return on equity of 8.90%. The business had revenue of C$3.29 billion during the quarter, compared to the consensus estimate of C$4.11 billion.

Several other analysts have also commented on the stock. Scotiabank increased their price target on shares of AltaGas from C$33.00 to C$35.00 and gave the company an “outperform” rating in a research report on Friday. TD Securities raised their price target on AltaGas from C$32.00 to C$34.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. National Bankshares upped their price objective on 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, Royal Bank of Canada boosted their target price 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. Eight analysts have rated the stock with a buy rating, According to MarketBeat, AltaGas has an average rating of “Buy” and an average target price of C$34.15.

AltaGas Trading Down 0.1 %

Shares of ALA stock opened at C$30.36 on Monday. AltaGas has a fifty-two week low of C$22.57 and a fifty-two week high of C$30.55. The company has a quick ratio of 0.44, a current ratio of 0.89 and a debt-to-equity ratio of 125.64. The business has a fifty day simple moving average of C$29.47 and a 200-day simple moving average of C$28.17. The stock has a market cap of C$8.97 billion, a P/E ratio of 13.43, a P/E/G ratio of -4.97 and a beta of 1.22.

AltaGas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.298 per share. This is a positive change from AltaGas’s previous quarterly dividend of $0.28. This represents a $1.19 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend was Thursday, March 14th. AltaGas’s dividend payout ratio is presently 52.65%.

Insider Buying and Selling

In related news, Senior Officer Randy Warren Toone sold 40,000 shares of the company’s stock in a transaction that occurred 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. In other news, Director Jeremy Jason Weatherhead sold 12,215 shares of AltaGas stock in a transaction dated Tuesday, March 12th. The stock was 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 that occurred on Thursday, April 4th. The stock was sold at an average price of C$29.18, for a total transaction of C$1,167,200.00. Over the last three months, insiders have sold 68,239 shares of company stock valued at $2,002,672. 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.