AltaGas reported normalized earnings per share (EPS) of C$0.29 for the third quarter, beating the C$0.16 estimate. Record LPG exports and stronger margins helped lift results.
AltaGas Ltd. (TSX: ALA; ALA.TO) released its third-quarter 2026 results after markets closed on October 29. Its normalized EPS rose from C$0.04 a year earlier, while GAAP EPS showed a loss of C$0.07 per share. Record exports to Asia, contributions from Pipestone II, and stronger fractionation and liquids handling supported the quarter.
Recent earnings trend
AltaGas Ltd
ALA.TO
ALA.TO
AltaGas Ltd
WealthAwesomeMarket cap
$17.32B
P/E
27.8x
Div. yield
2.34%
Div. / share
$1.32
52W high
$58.14
52W low
$38.40
1W change
+0.33%
Beta
0.48
Analyst Price Targets
Based on analyst covering ALA · as of Nov 2, 2026
Wall Street analysts forecast ALA stock price to rise 9.4% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$60.73
+9.4% Upside
Previously C$60.27 on Oct 26, 2026
Current Price
C$55.52
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on ALA's historical volatility
30-Day Vol
18.5%
Annualized
90-Day Vol
20.3%
Annualized
Trend (90d)
+22.4%
Annualized drift
90d Mean
C$60.15
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$57.02 | C$53.49 – C$60.79 |
| 60 trading days | C$58.57 | C$53.51 – C$64.11 |
| 90 trading days | C$60.15 | C$53.85 – C$67.19 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 4 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 4 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-03-05 | — | 0.6700 | — |
| 2026-09-30 | 2026-10-29 | 0.2900 | 0.1600 | +81.3% |
| 2026-06-30 | 2026-07-29 | 0.3100 | 0.2200 | +40.9% |
| 2026-03-31 | 2026-04-30 | 1.3300 | 1.2200 | +9.0% |
| 2025-12-31 | 2026-03-06 | 0.7700 | 0.7600 | +1.3% |
| 2025-09-30 | 2025-10-30 | 0.0400 | 0.0500 | -20.0% |
Investor takeaway: AltaGas’s operating results gained momentum. Normalized EBITDA rose 45% year over year to C$389 million, and LPG exports to Asia reached a record 147,176 barrels per day. The company expects full-year results to land near the high end of its recently raised 2026 guidance range. Keep in mind that normalized earnings exclude items reflected in the GAAP loss. Investors should also watch progress on the Ridley Island export project, which was about 90% complete and remains on track to finish in the first quarter of 2027.
C$389 million in normalized EBITDA
Normalized EBITDA increased from C$268 million in the third quarter of 2025, up 45% year over year. AltaGas credited stronger global export volumes and margins, contributions from Pipestone II, and improved fractionation and liquids handling.
Bull case
Record exports and stronger margins suggest AltaGas’s Midstream business is benefiting from global demand for Canadian LPGs. Pipestone II also contributed to results. In the regulated business, utility upgrades and recent regulatory approvals provide support. AltaGas ended the quarter with leverage of 4.3x, below its target range of 4.5x to 5.0x.
Bear case
The earnings beat compares reported results with calendar EPS estimates, while AltaGas’s release focuses on normalized EPS and reports a GAAP loss of C$0.07 per share. The strong Midstream results may not continue at the same pace, and major projects such as Ridley Island still need to be completed. The supplied snapshot also lists a P/E ratio of 27.76 and a profit margin of 4.35%. Investors should weigh those valuation and execution risks against the company’s growth prospects.
Best next step
Keep exploring this topic
If you want to go deeper, these are the most useful follow-up pages and tools for this topic.
Broker comparison
Best trading platforms in Canada
Compare $0-commission brokers before you act on a ticker story.
Safe cash
Best GIC rates in Canada
If the story makes you want to de-risk, compare guaranteed rates next.
HISA roundup
Best high-interest savings accounts
Keep dry powder in a no-fee savings account instead of chequing.
TFSA room
Check TFSA contribution room
Shelter the next contribution before you buy.
Wealth Awesome
Timely coverage of Canadian stocks, earnings, dividends, and market movers for DIY investors. Stories are checked against exchange data and public filings.
View Full Profile →✅ Reviewed by Certified Financial Professionals
This content has been reviewed by CFA® charterholders and Certified Financial Planners (CFP®) with over a decade of experience in Canadian financial markets. All information is fact-checked against official Canadian sources and regulations.
Why these credentials matter: CFA® charterholders complete 900+ hours of rigorous study in investment analysis and ethics. CFP® professionals are held to the highest standards of financial planning competency and fiduciary duty in Canada.
⚠️ Professional Disclaimer
This content is for educational purposes only and should not be considered personalized financial advice. While our team brings professional expertise, individual circumstances vary. For personalized guidance, consult with a qualified financial advisor, tax professional, or mortgage specialist.
