FY2024 Earnings Estimate for AltaGas Issued By Scotiabank

AltaGas Ltd. (TSE:ALA) – Equities researchers at Scotiabank dropped their FY2024 earnings per share (EPS) estimates for shares of AltaGas in a report released on Wednesday, January 8th. Scotiabank analyst R. Hope now expects that the company will post earnings per share of $2.13 for the year, down from their prior forecast of $2.15. Scotiabank has a “Outperform” rating and a $39.00 price target on the stock. The consensus estimate for AltaGas’ current full-year earnings is $2.30 per share. Scotiabank also issued estimates for AltaGas’ FY2026 earnings at $2.45 EPS.

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

AltaGas Price Performance

TSE:ALA opened at C$34.12 on Thursday. The stock has a market capitalization of C$10.15 billion, a PE ratio of 23.53, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. AltaGas has a 52 week low of C$26.91 and a 52 week high of C$35.77. The stock’s 50-day moving average price is C$33.61 and its 200-day moving average price is C$33.04. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st were paid a $0.298 dividend. This represents a $1.19 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend was Monday, December 16th. AltaGas’s payout ratio is 82.07%.

Insiders Place Their Bets

In other AltaGas news, Senior Officer Vernon Dai-Chung Yu bought 7,600 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were purchased at an average price of C$32.97 per share, with a total value of C$250,549.20. Insiders own 0.58% 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.