TransAlta (NYSE:TAC) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of TransAlta (NYSE:TACGet Rating) (TSE:TA) from a buy rating to a strong-buy rating in a report published on Thursday.

TAC has been the subject of several other reports. National Bank Financial increased their price objective on TransAlta from C$14.00 to C$15.00 in a report on Monday, May 9th. Zacks Investment Research raised TransAlta from a hold rating to a buy rating and set a $12.00 price objective for the company in a report on Thursday, May 12th. Finally, Bank of America downgraded TransAlta from a buy rating to a neutral rating in a report on Tuesday, March 22nd. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of Buy and a consensus target price of $16.00.

Shares of TransAlta stock opened at $11.26 on Thursday. The firm has a market capitalization of $3.05 billion, a P/E ratio of -10.62 and a beta of 1.09. TransAlta has a 52 week low of $8.98 and a 52 week high of $12.13. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 1.41. The firm’s 50 day moving average is $10.58 and its two-hundred day moving average is $10.57.

TransAlta (NYSE:TACGet Rating) (TSE:TA) last posted its quarterly earnings data on Friday, May 6th. The utilities provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.36. The business had revenue of $580.27 million during the quarter, compared to the consensus estimate of $536.65 million. TransAlta had a positive return on equity of 14.13% and a negative net margin of 12.08%. During the same period in the prior year, the company earned ($0.02) earnings per share. As a group, research analysts expect that TransAlta will post 0.64 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Shareholders of record on Wednesday, June 1st will be given a $0.04 dividend. This is a boost from TransAlta’s previous quarterly dividend of $0.04. The ex-dividend date is Tuesday, May 31st. This represents a $0.16 annualized dividend and a yield of 1.42%. TransAlta’s dividend payout ratio is presently -15.09%.

A number of large investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. raised its position in TransAlta by 47.9% in the first quarter. Advisors Asset Management Inc. now owns 22,023 shares of the utilities provider’s stock worth $228,000 after acquiring an additional 7,128 shares in the last quarter. Jane Street Group LLC raised its position in TransAlta by 174.6% in the first quarter. Jane Street Group LLC now owns 67,905 shares of the utilities provider’s stock worth $703,000 after acquiring an additional 43,177 shares in the last quarter. Royal Bank of Canada raised its position in TransAlta by 1.9% in the first quarter. Royal Bank of Canada now owns 43,966,549 shares of the utilities provider’s stock worth $455,494,000 after acquiring an additional 812,221 shares in the last quarter. First Manhattan Co. increased its position in shares of TransAlta by 50.8% in the first quarter. First Manhattan Co. now owns 1,054,280 shares of the utilities provider’s stock valued at $10,922,000 after buying an additional 355,130 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its position in shares of TransAlta by 153.2% in the first quarter. 1832 Asset Management L.P. now owns 5,497 shares of the utilities provider’s stock valued at $56,000 after buying an additional 3,326 shares in the last quarter. Hedge funds and other institutional investors own 76.49% of the company’s stock.

About TransAlta (Get Rating)

TransAlta Corporation owns, operates, and develops a diverse fleet of electrical power generation assets in Canada, the United States, and Australia. It operates through four segments: Hydro, Wind and Solar, Gas, and Energy Transition. owns and operates hydro, wind and solar, natural gas-fired, and coal-fired facilities.

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