TransAlta Corporation (NYSE:TAC) Receives Average Recommendation of “Moderate Buy” from Brokerages

TransAlta Corporation (NYSE:TAC) (TSE:TA) has been assigned an average recommendation of “Moderate Buy” from the nine brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $22.25.

A number of equities research analysts have recently issued reports on TAC shares. Weiss Ratings raised shares of TransAlta from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, June 16th. TD Cowen started coverage on shares of TransAlta in a research note on Wednesday, June 10th. They set a “buy” rating for the company. Scotiabank raised shares of TransAlta to a “strong-buy” rating in a report on Wednesday, June 10th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TransAlta in a research report on Thursday, April 16th. Finally, TD Securities restated a “buy” rating on shares of TransAlta in a research note on Thursday, May 7th.

Hedge Funds Weigh In On TransAlta

Large investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of TransAlta in the fourth quarter valued at about $37,000. EverSource Wealth Advisors LLC grew its position in TransAlta by 37.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,000 shares of the utilities provider’s stock worth $38,000 after buying an additional 812 shares during the period. FNY Investment Advisers LLC acquired a new position in TransAlta during the fourth quarter worth about $50,000. Warren Street Wealth Advisors LLC purchased a new position in TransAlta in the fourth quarter valued at about $129,000. Finally, Ritter Alpha LP purchased a new position in TransAlta in the fourth quarter valued at about $131,000. Hedge funds and other institutional investors own 59.00% of the company’s stock.

TransAlta Price Performance

NYSE:TAC opened at $13.48 on Friday. The stock has a market capitalization of $4.26 billion, a PE ratio of -24.96 and a beta of 0.69. TransAlta has a 52 week low of $10.28 and a 52 week high of $17.88. The stock’s 50-day moving average price is $13.24 and its 200-day moving average price is $13.05. The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 6.61.

TransAlta (NYSE:TAC) (TSE:TA) last posted its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.03. The firm had revenue of $406.19 million for the quarter, compared to the consensus estimate of $436.36 million. TransAlta had a negative net margin of 9.46% and a positive return on equity of 9.52%. As a group, equities analysts expect that TransAlta will post 0.22 EPS for the current fiscal year.

About TransAlta

TransAlta Corporation, originally founded in 1909 as Calgary Power Company Ltd., is a publicly traded energy company specializing in the development, ownership and operation of power generation and transmission assets. Headquartered in Calgary, Alberta, TransAlta has grown from its early hydroelectric roots into a diversified energy provider with a multi-fuel generating fleet.

The company’s core business activities encompass power generation, asset management and energy trading services.