Raymond James Brokers raises earnings estimates for AltaGas Ltd. (TSE:ALA)


AltaGas Ltd. (TSE:ALA – Get Rating) – Raymond James analysts raised their EPS estimates for AltaGas’ fiscal 2023 in a note to investors on Wednesday, July 6. Raymond James analyst D. Quezada now expects the company to post earnings of $1.94 per share for the year, up from its previous estimate of $1.82. Raymond James currently has an “outperform” rating and a target price of $35.50 on the stock. The consensus estimate for AltaGas’ current annual earnings is $1.94 per share.

A number of other research analysts have also recently released reports on the stock. CSFB raised its target price on AltaGas shares from C$31.00 to C$35.00 in a Monday, April 11 research report. TD Securities raised its target price on AltaGas shares from C$33.00 to C$34.00 and gave the company a “buy” rating in a research report on Friday, May 27. Canaccord Genuity Group raised its price target on AltaGas shares from C$35.00 to C$36.00 in a report released Friday, May 27. National Bankshares raised its price target on AltaGas shares from C$32.00 to C$33.00 and gave the company an “outperform” rating in a Friday, May 27 report. Finally, ATB Capital raised its price target on AltaGas shares from CA$34.00 to CA$35.00 and gave the company an “outperform” rating in a Friday, May 27 report. One analyst rated the stock with a hold rating and ten gave the company a buy rating. According to MarketBeat data, the stock has an average rating of “Moderate Buy” and an average price target of C$34.11.

TSE ALA opened at C$27.44 on Friday. The company has a market capitalization of C$7.70 billion and a PE ratio of 31.18. The company has a fifty-day moving average of C$28.42 and a 200-day moving average of C$28.11. AltaGas has a 1-year low of C$24.16 and a 1-year high of C$31.16. The company has a debt ratio of 114.82, a current ratio of 1.11 and a quick ratio of 0.69.

AltaGas (TSE:ALA – Get Rating) last released its results on Thursday, April 28. The company reported earnings per share (EPS) of C$1.01 for the quarter, beating consensus analyst estimates of C$0.92 by C$0.09. The company posted revenue of C$3.89 billion for the quarter, compared to analyst estimates of C$3.05 billion.

In other AltaGas news, Director Robert Bruce Hodgins sold 20,000 shares of the company in a trade dated Monday, May 30. The shares were sold at an average price of CA$30.30, for a total value of CA$605,946.00. As a result of the transaction, the administrator now directly owns 11,500 shares of the company, valued at approximately C$348,418.95. Additionally, director Aaron Bishop sold 10,500 shares of the company in a trade dated Tuesday, June 7. The shares were sold at an average price of CA$30.28, for a total transaction of CA$317,948.40. Following completion of the transaction, the administrator now owns 764 shares of the company, valued at C$23,134.53. In the past ninety days, insiders have sold 190,562 shares of the company valued at $5,779,949.

The company also recently disclosed a monthly dividend, which was paid on Thursday, June 30. Investors of record on Thursday, June 16 received a dividend of $0.265 per share. This represents an annualized dividend of $3.18 and a yield of 11.59%. The ex-dividend date was Wednesday, June 15. This is a boost from AltaGas’ previous monthly dividend of $0.08. AltaGas’ dividend payout ratio is currently 115.31%.

AltaGas Company Profile (Get an assessment)

AltaGas Ltd. is an energy infrastructure company in North America. The Company operates through Utilities and Midstream segments. The Utilities segment owns and operates price-regulated natural gas distribution and storage utilities in Maryland, Virginia, Delaware, Pennsylvania, Ohio and the District of Columbia, serving approximately 1.7 million of customers.

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Earnings history and estimates for AltaGas (TSE:ALA)



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