TransAlta (NYSE:TAC) Shares Break Above Fifty Day Moving Average – Should You Sell?

TransAlta Corporation (NYSE:TAC) (TSE:TA)’s share price passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $12.35 and traded as high as $12.90. TransAlta shares last traded at $12.8550, with a volume of 1,256,077 shares.

Analyst Upgrades and Downgrades

TAC has been the subject of several recent analyst reports. Weiss Ratings upgraded TransAlta from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TransAlta in a research report on Friday, July 17th. Zacks Research upgraded TransAlta from a “strong sell” rating to a “hold” rating in a report on Monday, August 17th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of TransAlta in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

TransAlta Trading Up 4.8%

The stock’s fifty day simple moving average is $12.35 and its 200 day simple moving average is $12.92.

TransAlta (NYSE:TAC) (TSE:TA) last issued its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $342.85 million for the quarter, compared to analysts’ expectations of $379.54 million. As a group, equities research analysts predict that TransAlta Corporation will post 0.21 EPS for the current year.

Hedge Funds Weigh In On TransAlta

Institutional investors and hedge funds have recently bought and sold shares of the stock. Miller Howard Investments Inc. NY bought a new stake in TransAlta during the third quarter valued at about $128,000. Signaturefd LLC purchased a new stake in TransAlta in the third quarter worth about $307,000. Cardinal Point Capital Management ULC purchased a new stake in TransAlta in the third quarter worth about $2,209,000. Lee Financial Co purchased a new stake in TransAlta in the third quarter worth about $158,000. Finally, TD Waterhouse Canada Inc. bought a new position in shares of TransAlta in the third quarter worth about $4,698,000. 59.00% of the stock is currently owned by hedge funds and other institutional investors.

TransAlta Company Profile

TransAlta Corporation is a Canada-based power generation and wholesale marketing company headquartered in Calgary, Alberta. The company develops, owns and operates a diversified portfolio of electricity-generating facilities, including hydroelectric, wind, solar, natural gas and coal-fired power assets.

TransAlta supplies electricity to utilities, commercial and industrial customers, and wholesale markets. Its activities include power generation, energy marketing, asset management and the development of renewable energy projects.