Scotiabank Has Strong Estimate for AltaGas FY2026 Earnings

Key Points

• Scotiabank raised its FY2026 EPS estimate for AltaGas to $2.46 (from $2.44) and set a $57.00 target with a "Sector Outperform" rating, versus a consensus FY2026 estimate of $2.30.
• Several brokers (RBC, JPMorgan, Jefferies, National Bank Financial, ATB Cormark) have lifted price targets, leaving AltaGas with an average analyst target of C$53.25 and seven "Buy" ratings, indicating broad analyst bullishness.
• AltaGas reported Q1 EPS of C$1.33 on C$3.97 billion in revenue, increased its quarterly dividend to C$0.334 (annualized C$1.34, ~2.6% yield), and its shares traded near a one‑year high around C$52.20.

AltaGas Ltd. (TSE:ALA - Free Report) - Equities researchers at Scotiabank increased their FY2026 earnings per share estimates for shares of AltaGas in a report released on Friday, May 1st. Scotiabank analyst R. Hope now expects that the company will earn $2.46 per share for the year, up from their previous forecast of $2.44. Scotiabank currently has a "Sector Outperform" rating and a $57.00 target price on the stock. The consensus estimate for AltaGas' current full-year earnings is $2.30 per share.

AltaGas (TSE:ALA - Get Free Report) last announced its earnings results on Thursday, April 30th. The company reported C$1.33 earnings per share for the quarter. The business had revenue of C$3.97 billion during the quarter. AltaGas had a return on equity of 5.92% and a net margin of 4.02%.

ALA has been the subject of several other reports. JPMorgan Chase & Co. boosted their price target on AltaGas from C$49.00 to C$52.00 in a research report on Tuesday, April 14th. Jefferies Financial Group boosted their price target on AltaGas from C$49.00 to C$53.00 in a research report on Monday, March 9th. Royal Bank Of Canada boosted their price target on AltaGas from C$50.00 to C$55.00 and gave the stock an "outperform" rating in a research report on Friday. National Bank Financial boosted their price target on AltaGas from C$51.00 to C$52.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, ATB Cormark Capital Markets boosted their price target on AltaGas from C$54.00 to C$56.00 and gave the stock an "outperform" rating in a research report on Friday. Seven analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of C$53.25.

AltaGas Trading Up 2.5%

Shares of ALA stock opened at C$52.20 on Monday. The company has a debt-to-equity ratio of 115.95, a current ratio of 0.88 and a quick ratio of 0.44. The company has a market cap of C$16.25 billion, a price-to-earnings ratio of 31.83, a PEG ratio of -4.97 and a beta of 0.34. The stock has a 50 day simple moving average of C$48.13 and a 200-day simple moving average of C$44.25. AltaGas has a 1-year low of C$37.08 and a 1-year high of C$52.50.

AltaGas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were issued a $0.334 dividend. This represents a $1.34 annualized dividend and a yield of 2.6%. The ex-dividend date was Monday, March 16th. This is an increase from AltaGas's previous quarterly dividend of $0.32. AltaGas's dividend payout ratio (DPR) is currently 77.99%.

Key Stories Impacting AltaGas

Here are the key news stories impacting AltaGas this week:

• Positive Sentiment: Record Q1 results and outlook improvement — AltaGas reported C$1.33 EPS on C$3.97B revenue, highlighted a solid net margin and ROE, and raised 2026 capital spending guidance; this underpins the bullish tone from analysts. View Press Release
• Positive Sentiment: ATB Cormark raised its price target to C$56 and maintained an "outperform" rating, signaling further upside in analyst estimates. BayStreet.CA
• Positive Sentiment: RBC increased its target to C$55 and kept an "outperform" rating, adding institutional weight to the rally. BayStreet.CA
• Positive Sentiment: Scotiabank bumped its target to C$57 with a "sector outperform" call, the highest of the recent upgrades and a clear vote of confidence. BayStreet.CA
• Positive Sentiment: Business development catalyst — AltaGas is expanding propane customer reach in Asia amid ongoing supply shocks, which supports international demand dynamics for its commodity-linked businesses. Expansion Article
• Neutral Sentiment: National Bank Financial raised its target to C$52 (from C$51) but that target sits slightly below the current market price, making its impact mixed. BayStreet.CA
• Neutral Sentiment: Media coverage and inclusion in investor "top picks" lists and 52-week-high roundups add retail/institutional visibility but are secondary to fundamentals and analyst views. MSN Yahoo

AltaGas Company Profile

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through four segments: Midstream, power, utilities and corporate. Utility business owns and operates rate-regulated natural gas distribution assets across North America. Midstream business subsequent to the sale of non-core midstream assets in Canada and also engaged in the natural gas liquid processing and extraction, transportation, and storage. Natural gas is sold and purchased for both commercial and industrial users.

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