TransAlta (NYSE:TAC) Shares Up 8.4% on Analyst Upgrade

Shares of TransAlta Corporation (NYSE:TAC) (TSE:TA) were up 8.4% during trading on Thursday after Scotiabank upgraded the stock to a strong-buy rating. The stock traded as high as $13.36 and last traded at $13.4170. Approximately 711,891 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 1,544,949 shares. The stock had previously closed at $12.38.

Other analysts also recently issued reports about the stock. TD Securities reissued a “buy” rating on shares of TransAlta in a report on Thursday, May 7th. TD Cowen started coverage on shares of TransAlta in a report on Wednesday. They issued a “buy” rating for the company. National Bank Financial raised shares of TransAlta from a “sector perform” rating to an “outperform” rating in a report on Tuesday, March 24th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of TransAlta in a report on Thursday, April 16th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $24.00 price target on shares of TransAlta in a report on Tuesday, March 24th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, TransAlta has an average rating of “Moderate Buy” and a consensus target price of $22.25.

Hedge Funds Weigh In On TransAlta

A number of hedge funds have recently made changes to their positions in TAC. Caitong International Asset Management Co. Ltd acquired a new stake in shares of TransAlta during the 4th quarter worth about $37,000. EverSource Wealth Advisors LLC increased its position in shares of TransAlta by 37.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,000 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 812 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of TransAlta during the 4th quarter worth about $50,000. Warren Street Wealth Advisors LLC acquired a new stake in shares of TransAlta during the 4th quarter worth about $129,000. Finally, Ritter Alpha LP acquired a new stake in shares of TransAlta during the 4th quarter worth about $131,000. Institutional investors and hedge funds own 59.00% of the company’s stock.

TransAlta Stock Up 7.8%

The firm has a market cap of $3.97 billion, a price-to-earnings ratio of -24.80 and a beta of 0.69. The company has a debt-to-equity ratio of 6.61, a quick ratio of 0.70 and a current ratio of 0.76. The business’s 50-day moving average is $13.13 and its 200-day moving average is $13.11.

TransAlta (NYSE:TAC) (TSE:TA) last announced its earnings results on Wednesday, May 6th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. The business had revenue of $406.19 million during the quarter, compared to analysts’ expectations of $436.36 million. TransAlta had a negative net margin of 9.46% and a positive return on equity of 9.52%. On average, equities analysts predict that TransAlta Corporation will post 0.26 EPS for the current 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.