AltaGas FY2024 EPS Reduced by National Bank Financial

AltaGas Ltd. (TSE:ALA) – Investment analysts at National Bank Financial dropped their FY2024 earnings per share (EPS) estimates for shares of AltaGas in a research report issued to clients and investors on Monday, January 6th. National Bank Financial analyst P. Kenny now expects that the company will earn $2.11 per share for the year, down from their prior estimate of $2.12. 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 $2.23 EPS and FY2028 earnings at $3.01 EPS.

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

AltaGas Price Performance

Shares of ALA stock opened at C$33.73 on Wednesday. The stock has a market cap of C$10.03 billion, a price-to-earnings ratio of 23.26, a PEG ratio of -4.97 and a beta of 1.23. The business’s fifty day moving average is C$33.61 and its 200 day moving average is C$33.02. AltaGas has a twelve month low of C$26.91 and a twelve month high of C$35.77. The company has a quick ratio of 0.44, a current ratio of 0.85 and a debt-to-equity ratio of 115.50.

AltaGas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend was Monday, December 16th. AltaGas’s payout ratio is currently 82.07%.

Insider Activity at AltaGas

In related news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the stock in a transaction on Friday, December 13th. The shares were acquired at an average price of C$32.97 per share, for a total transaction of C$250,549.20. 0.58% of the stock is currently owned by 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.