National Bank Financial Cuts Earnings Estimates for AltaGas

AltaGas Ltd. (TSE:ALA) – Investment analysts at National Bank Financial lowered their FY2024 earnings estimates for shares of AltaGas in a research note issued on Thursday, October 31st. National Bank Financial analyst P. Kenny now forecasts that the company will earn $2.12 per share for the year, down from their previous estimate of $2.13. The consensus estimate for AltaGas’ current full-year earnings is $2.30 per share. National Bank Financial also issued estimates for AltaGas’ FY2025 earnings at $2.28 EPS.

AltaGas (TSE:ALA) last issued its quarterly earnings data on Thursday, August 1st. The company reported C$0.14 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.12 by C$0.02. AltaGas had a return on equity of 5.78% and a net margin of 3.58%. The firm had revenue of C$2.78 billion during the quarter, compared to analysts’ expectations of C$2.54 billion.

Several other research analysts have also commented on ALA. Jefferies Financial Group boosted their price objective on shares of AltaGas from C$37.00 to C$39.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. BMO Capital Markets upped their price target on AltaGas from C$37.00 to C$40.00 in a research report on Thursday, September 5th. JPMorgan Chase & Co. downgraded AltaGas from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from C$36.00 to C$37.00 in a research note on Wednesday, October 23rd. Scotiabank lifted their target price on shares of AltaGas from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, Royal Bank of Canada upped their price target on shares of AltaGas from C$37.00 to C$40.00 and gave the company an “outperform” rating in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of C$38.10.

AltaGas Stock Performance

Shares of AltaGas stock opened at C$33.71 on Monday. AltaGas has a one year low of C$26.10 and a one year high of C$35.77. The company has a market capitalization of C$10.03 billion, a PE ratio of 23.25, a P/E/G ratio of -4.97 and a beta of 1.23. The company has a debt-to-equity ratio of 115.50, a quick ratio of 0.44 and a current ratio of 0.85. The company has a 50-day simple moving average of C$34.08 and a two-hundred day simple moving average of C$31.96.

Insider Activity at AltaGas

In other news, Senior Officer Randy Warren Toone sold 3,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total transaction of C$101,460.00. In other news, Senior Officer Randy Warren Toone sold 3,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of C$33.82, for a total transaction of C$101,460.00. Also, Director Aaron Bishop sold 19,820 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of C$33.58, for a total transaction of C$665,555.60. Over the last quarter, insiders have sold 33,320 shares of company stock worth $1,125,051. 0.58% of the stock is owned by company insiders.

AltaGas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a $0.298 dividend. This represents a $1.19 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Monday, December 16th. AltaGas’s dividend payout ratio is currently 82.07%.

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.