Canada's AltaGas beats Q4 adjusted EPS expectations, reaffirms 2026 guidance

Overview

• Canada energy infrastructure firm's Q4 normalized EBITDA rose

• Adjusted EPS for Q4 beat analyst expectations

• Company's growth driven by strong LPG export volumes and improved utilities performance

Outlook

• AltaGas reaffirms 2026 normalized EBITDA guidance of C$1.925 bln to C$2.025 bln

• Company expects 2026 normalized EPS between C$2.20 and C$2.45

• AltaGas maintains disciplined 2026 capital program of approximately C$1.6 bln

Result Drivers

• LPG EXPORTS - AltaGas achieved record LPG export volumes to Asia, contributing to midstream growth

• UTILITIES PERFORMANCE - Improved Utilities performance driven by higher rate base, asset optimization, and favorable weather

• SAFETY IMPROVEMENTS - Utilities segment reported best safety results on record, reflecting operational discipline

Company press release: ID:nCNWg6DWDa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the natural gas utilities peer group is "buy"

• Wall Street's median 12-month price target for AltaGas Ltd is C$48.00, about 0.7% above its March 5 closing price of C$47.67

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 19 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.