Scotiabank Has Negative Outlook of AltaGas FY2024 Earnings

AltaGas Ltd. (TSE:ALA) – Investment analysts at Scotiabank decreased their FY2024 EPS estimates for AltaGas in a research note issued to investors 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 previous estimate of $2.15. Scotiabank currently has a “Outperform” rating and a $39.00 target price 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.

Other research analysts also recently issued reports about the company. ATB Capital set a C$36.00 price target on AltaGas and gave the company an “outperform” rating in a report on Tuesday, September 24th. Jefferies Financial Group raised their target price 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. Royal Bank of Canada upped their price target on shares of AltaGas from C$37.00 to C$40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. cut shares of AltaGas from an “overweight” rating to a “neutral” rating and lifted their target price for the company from C$36.00 to C$37.00 in a research note on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, AltaGas presently has an average rating of “Moderate Buy” and a consensus price target of C$38.10.

AltaGas Trading Up 1.2 %

AltaGas stock opened at C$34.12 on Thursday. The company has a market capitalization of C$10.15 billion, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of -4.97 and a beta of 1.23. AltaGas has a 12 month low of C$26.91 and a 12 month high of C$35.77. The company has a current ratio of 0.85, a quick ratio of 0.44 and a debt-to-equity ratio of 115.50. The business’s fifty day simple moving average is C$33.61 and its two-hundred day simple moving average is C$33.04.

Insider Activity at AltaGas

In other news, Senior Officer Vernon Dai-Chung Yu purchased 7,600 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were acquired at an average price of C$32.97 per share, with a total value of C$250,549.20. 0.58% of the stock is currently owned by company insiders.

AltaGas Announces Dividend

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

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.