Atb Cap Markets Comments on TransAlta Co.’s Q3 2024 Earnings (NYSE:TAC)

TransAlta Co. (NYSE:TAC) (TSE:TA) – Equities researchers at Atb Cap Markets decreased their Q3 2024 earnings estimates for TransAlta in a report released on Sunday, May 5th. Atb Cap Markets analyst N. Heywood now expects that the utilities provider will earn $0.18 per share for the quarter, down from their prior forecast of $0.26. The consensus estimate for TransAlta’s current full-year earnings is $0.51 per share. Atb Cap Markets also issued estimates for TransAlta’s FY2024 earnings at $0.80 EPS and FY2026 earnings at $0.59 EPS.

TransAlta (NYSE:TAC) (TSE:TA) last released its quarterly earnings data on Friday, February 23rd. The utilities provider reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.30). The business had revenue of $624.00 million during the quarter, compared to analyst estimates of $305.79 million. TransAlta had a net margin of 18.70% and a return on equity of 43.02%. The firm’s revenue was down 26.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.45) EPS.

Separately, StockNews.com cut shares of TransAlta from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 12th.

TransAlta Stock Performance

Shares of TransAlta stock opened at $7.11 on Wednesday. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.82 and a current ratio of 0.91. The business’s 50 day moving average price is $6.54 and its 200 day moving average price is $7.31. The company has a market cap of $2.18 billion, a price-to-earnings ratio of 4.59 and a beta of 0.83. TransAlta has a one year low of $5.94 and a one year high of $10.40.

TransAlta Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Saturday, June 1st will be issued a $0.0438 dividend. The ex-dividend date of this dividend is Friday, May 31st. This is a boost from TransAlta’s previous quarterly dividend of $0.04. This represents a $0.18 dividend on an annualized basis and a yield of 2.46%. TransAlta’s dividend payout ratio is currently 7.74%.

Institutional Investors Weigh In On TransAlta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of TransAlta by 25.3% in the 4th quarter. Vanguard Group Inc. now owns 10,498,451 shares of the utilities provider’s stock worth $87,242,000 after acquiring an additional 2,116,907 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in TransAlta by 76.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,387,290 shares of the utilities provider’s stock worth $36,458,000 after purchasing an additional 1,899,671 shares in the last quarter. Rubric Capital Management LP boosted its position in shares of TransAlta by 28.6% during the third quarter. Rubric Capital Management LP now owns 4,404,844 shares of the utilities provider’s stock worth $38,322,000 after buying an additional 978,354 shares during the period. National Bank of Canada FI grew its stake in shares of TransAlta by 23.4% in the fourth quarter. National Bank of Canada FI now owns 4,199,245 shares of the utilities provider’s stock valued at $34,612,000 after buying an additional 796,503 shares in the last quarter. Finally, Bank of Nova Scotia raised its holdings in shares of TransAlta by 93.8% in the 4th quarter. Bank of Nova Scotia now owns 1,525,761 shares of the utilities provider’s stock valued at $12,688,000 after buying an additional 738,338 shares during the period. Institutional investors and hedge funds own 59.00% of the company’s stock.

TransAlta Company Profile

TransAlta Corporation engages in the development, production, and sale of electric energy. It operates through Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing segments. The Hydro segment holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.