From the Globe&Mail..Just wabt to stimulate investors for ''sound and safe''
put some $$ in this ultra high volatility market !
Market movers:
On the rise
Shares of AltaGas Ltd. (ALA-T) gained 4.6 per cent following the premarket announcement of a 6-per-cent dividend increase.
The energy infrastructure company says it will pay a quarterly dividend of 28 cents per share, up from 26.5 cents per share.
The increased payment to shareholders came as AltaGas says it expects normalized earnings per share of $1.85 to $2.05 in 2023.
The result was forecast along with expectations for normalized earnings before interest, taxes, depreciation and amortization of $1.5-billion to $1.6-billion next year.
AltaGas says its capital program for 2023 is expected to total about $930-million, excluding asset retirement obligations.
The company also expects about $90-million of capital investments that were approved in 2022 to be spent in early 2023.
In a research note, iA Capital Markets analyst Matthew Weekes said: “ALA’s 2023 guidance, CAPEX plan, and dividend growth are all in line with our prior expectations. ALA projects 1.5-per-cent Normalized EBITDA growth and 4-per-cent Normalized EPS growth, driven by several puts and takes on a YoY basis. ALA aims to take a more de-risked approach to its Midstream business in 2023 and beyond that is more aligned with practices in previous years. The guidance reinforces our outlook and we continue to believe that ALA offers valuation upside and strong organic growth, with a focus on optimizing assets, strengthening risk-adjusted returns, and lowering the leverage profile with the sale of the Alaskan Utilities expected to close in the near-term and additional upside through an eventual completion and sale of the interest in the Mountain Valley Pipeline. We reiterate our Buy rating.”
ALTAGAS LTD
23.86-3.45
(-12.63%)