AltaGas Ltd. Expected to Post Q1 2024 Earnings of $1.05 Per Share (TSE:ALA)

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

AltaGas (TSE:ALA) last announced its quarterly earnings data on Friday, March 8th. The company reported C$0.75 earnings per share for the quarter, hitting the consensus estimate of C$0.75. The firm had revenue of C$3.29 billion during the quarter, compared to analysts’ expectations of C$4.11 billion. AltaGas had a return on equity of 8.90% and a net margin of 5.18%.

ALA has been the subject of a number of other reports. Scotiabank upped their price target on AltaGas from C$31.00 to C$33.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. National Bankshares upped their price target 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. TD Securities upped their price target 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. CIBC upped their price target 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. 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 data from MarketBeat.com, AltaGas presently has an average rating of “Buy” and an average target price of C$33.75.

AltaGas Stock Performance

Shares of TSE:ALA opened at C$30.13 on Thursday. The stock has a market capitalization of C$8.90 billion, a P/E ratio of 13.33, a P/E/G ratio of -4.97 and a beta of 1.22. AltaGas has a 1-year low of C$22.57 and a 1-year high of C$30.32. The company has a current ratio of 0.89, a quick ratio of 0.44 and a debt-to-equity ratio of 125.64. The business has a 50-day moving average price of C$29.31 and a two-hundred day moving average price of C$28.02.

Insider Activity at AltaGas

In related news, Senior Officer Randy Warren Toone sold 40,000 shares of the firm’s stock in a transaction dated 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 other news, Senior Officer Randy Warren Toone sold 40,000 shares of AltaGas stock in a transaction dated 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. Also, Director Jeremy Jason Weatherhead sold 12,215 shares of AltaGas stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of C$29.60, for a total value of C$361,564.00. Insiders have sold 68,239 shares of company stock valued at $2,002,672 over the last ninety days. 0.57% of the stock is owned by corporate insiders.

AltaGas Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 28th were paid a $0.298 dividend. The ex-dividend date was Thursday, March 14th. This is a positive change from AltaGas’s previous quarterly dividend of $0.28. This represents a $1.19 annualized dividend and a yield of 3.96%. AltaGas’s dividend payout ratio (DPR) is 52.65%.

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.