AltaGas (ATGFF) AI Stock Analysis

AltaGas

(Other OTC:ATGFF)

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Action:N/A

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Positive Factors

Contracted and regulated earningsThe combination of contracted midstream services and regulated distribution earnings provides a more stable foundation than a fully merchant energy model. These structures can reduce direct commodity-price exposure, support planning through cycles, and create durable visibility for infrastructure investment.

Negative Factors

Negative free cash flowPersistent negative free cash flow shows that capital spending is exceeding internally generated cash, limiting financial flexibility even as operating cash flow improves. Continued investment at this level may require external funding and can constrain the resources available for debt reduction or shareholder returns.

AltaGas Key Performance Indicators (KPIs)

Revenue by ChannelBreaks down revenue by sales channels, offering insights into the effectiveness of distribution strategies and customer reach.

Chart Insights

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The Fly

AltaGas (ATGFF) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $12.43B
Dividend Yield: 2.39%
Average Volume (3M): 60.41K
Price to Earnings (P/E): 28.2
Beta (1Y): -0.08
Revenue Growth: 19.07%
EPS Growth: -18.66%
Country: US
Employees: 2,853
Sector: Energy
Sector Strength: 65
Industry: Regulated Gas

AltaGas Business Overview & Revenue Model

Company Description

AltaGas Ltd., founded in Calgary, Canada, in 1994, operates as a prominent energy infrastructure enterprise across North America. The company's business is structured into two main divisions: Utilities and Midstream. Its Utilities segment oversees an...

AltaGas Earnings Call Summary

Earnings Call Date:Oct 28, 2026(Q3-2026)|% Change Since:-0.58%|Next Earnings Date:Mar 04, 2027

Earnings Call SentimentPositive

The call was strongly positive overall. AltaGas reported record quarterly EBITDA and EPS, substantial Midstream volume and export growth, constructive utility rate case outcomes, progress across major growth projects, improving leverage and guidance tracking toward the upper end of the increased 2026 ranges. The principal negative topics were the Trigon labor strike, Middle East-related LPG and shipping disruptions, flat Utilities EBITDA and higher incentive costs, but management said these risks were being mitigated or reflected in its outlook.

Positive Updates

Record Third-Quarter Financial Results

Normalized EBITDA was $389 million in Q3 2026, up 45% from Q3 2025, while normalized EPS was $0.29 compared with $0.04 last year. Management said the record results were driven by the Midstream segment, strong operational performance and global LPG tailwinds.

Negative Updates

Trigon Labor Strike Creates Throughput Risk

A labor strike at Trigon Pacific Terminals began on October 2. AltaGas initially operated at planned throughputs, but a Canadian Industrial Relations Board ruling required changes to its mitigation actions, which management said would slow vessel loading and create some volume loss. The company expects some impact in the coming period and has included additional costs and a conservative contingency in its outlook.

Company Guidance

AltaGas expects to be towards the high end of its recently increased 2026 guidance range for normalized EBITDA of $2 billion to $2.1 billion and normalized EPS of $2.35 to $2.60, and still expects results towards the upper end of its guidance ranges, including any potential financial impacts from the Trigon strike; capital investment remains approximately $1.8 billion, with roughly a 60% allocation to utilities and the remainder to the Midstream and corporate segments, while leverage was 4.3x versus its 4.5x to 5x target leverage range. For 2027, the target is to be 80% tolled or financially hedged for the remainder of the year, with about 75% hedged and/or tolled for Q1, REEF remains on track for an in-service date in the first quarter of next year, REEF Optimization 1 for the second half of 2027, and REEF Optimization 2 is expected to reach FID before the end of this year and come on late '29, early 2030.

AltaGas Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

ATGFF against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TSE:PSK	84Outperform	CAD 8.60B	30.82	10.96%	2.85%	17.21%	29.29%
Sector *	65Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
TSE:GEI	62Neutral	CAD 5.87B	33.98	18.23%	5.23%	18.62%	3.09%
TSE:SPB	59Neutral	CAD 1.48B	-123.27	-0.41%	2.61%	-6.92%	-112.94%
TSE:KEY	57Neutral	CAD 16.29B	39.08	10.81%	3.93%	0.24%	-38.65%
TSE:BIPC	41Neutral	CAD 7.13B	-13.34	25.58%	4.73%	0.27%	69.31%

* Energy Sector Average

Performance Comparison

ATGFF and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
ATGFF	AltaGas Ltd.	39.83	11.35	39.84%
TSE:GEI	Gibson Energy Inc.	34.05	11.72	52.50%
TSE:PSK	Prairiesky Royalty Ltd.	36.98	12.72	52.44%
TSE:KEY	Keyera Corp.	55.50	16.01	40.54%
TSE:SPB	Superior Plus	6.89	-0.92	-11.78%
TSE:BIPC	Brookfield Infrastructure Corporation	52.34	-9.49	-15.35%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

AltaGas AI Stock Analysis