TransAlta (NYSE:TAC) Coverage Initiated by Analysts at BMO Capital Markets

BMO Capital Markets initiated coverage on shares of TransAlta (NYSE:TAC) (TSE:TA) in a research note issued on Wednesday. The firm set an “outperform” rating on the utilities provider’s stock.

Other research analysts have also issued reports about the stock. Weiss Ratings lowered shares of TransAlta from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, May 7th. TD Securities restated a “buy” rating on shares of TransAlta in a report on Thursday, May 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $24.00 price target on shares of TransAlta in a research report on Tuesday, March 24th. National Bank Financial upgraded shares of TransAlta from a “sector perform” rating to an “outperform” rating in a report on Tuesday, March 24th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of TransAlta in a research note on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.25.

TransAlta Trading Down 0.3%

Shares of TAC stock traded down $0.04 during mid-day trading on Wednesday, hitting $12.42. 110,093 shares of the company’s stock were exchanged, compared to its average volume of 1,524,105. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of -22.99 and a beta of 0.69. 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 has a fifty-two week low of $10.28 and a fifty-two week high of $17.88. The stock has a 50-day simple moving average of $13.14 and a two-hundred day simple moving average of $13.12.

TransAlta (NYSE:TAC) (TSE:TA) last released its 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. TransAlta had a positive return on equity of 9.52% and a negative net margin of 9.46%.The firm had revenue of $406.19 million for the quarter, compared to the consensus estimate of $436.36 million. Equities analysts expect that TransAlta will post 0.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in TransAlta by 27.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 208,969 shares of the utilities provider’s stock worth $1,954,000 after buying an additional 45,478 shares during the period. Geode Capital Management LLC raised its stake in shares of TransAlta by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 152,816 shares of the utilities provider’s stock valued at $1,660,000 after acquiring an additional 5,214 shares during the period. Invesco Ltd. lifted its holdings in shares of TransAlta by 18.9% during the 2nd quarter. Invesco Ltd. now owns 1,075,171 shares of the utilities provider’s stock valued at $11,601,000 after acquiring an additional 170,829 shares in the last quarter. Westerly Capital Management LLC purchased a new stake in TransAlta during the 2nd quarter worth $8,281,000. Finally, Balyasny Asset Management L.P. increased its holdings in TransAlta by 418.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 295,347 shares of the utilities provider’s stock valued at $3,186,000 after purchasing an additional 238,422 shares in the last quarter. Hedge funds and other institutional investors own 59.00% of the company’s stock.

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.