TransAlta (NYSE:TAC) Stock Price Down 10.3% – Here’s Why

TransAlta Corporation (NYSE:TAC) (TSE:TA) shares were down 10.3% on Thursday . The company traded as low as $13.03 and last traded at $12.9660. Approximately 660,496 shares changed hands during trading, a decline of 55% from the average daily volume of 1,472,764 shares. The stock had previously closed at $14.46.

Analyst Ratings Changes

A number of equities research analysts have weighed in on TAC shares. BMO Capital Markets reiterated an “outperform” rating on shares of TransAlta in a research note on Thursday, May 7th. National Bank Financial upgraded shares of TransAlta from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, March 24th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TransAlta in a research note on Thursday, April 16th. Royal Bank Of Canada restated an “outperform” rating and issued a $24.00 price objective on shares of TransAlta in a research note on Tuesday, March 24th. Finally, Weiss Ratings lowered TransAlta from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $21.33.

TransAlta Price Performance

The company has a current ratio of 0.76, a quick ratio of 0.70 and a debt-to-equity ratio of 6.61. The stock has a market capitalization of $3.78 billion, a PE ratio of -23.49 and a beta of 0.69. The firm has a 50 day moving average price of $13.16 and a 200 day moving average price of $13.15.

TransAlta (NYSE:TAC) (TSE:TA) last posted its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. The firm had revenue of $406.19 million during the quarter, compared to analyst estimates of $436.36 million. TransAlta had a positive return on equity of 9.52% and a negative net margin of 9.46%. Research analysts anticipate that TransAlta Corporation will post 0.26 earnings per share for the current year.

Institutional Investors Weigh In On TransAlta

Hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd bought a new position in TransAlta in the 4th quarter worth $37,000. EverSource Wealth Advisors LLC boosted its holdings in TransAlta by 37.1% in the 4th 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 bought a new position in TransAlta in the 4th quarter worth $50,000. Warren Street Wealth Advisors LLC bought a new position in TransAlta in the 4th quarter worth $129,000. Finally, Ritter Alpha LP bought a new position in TransAlta in the 4th quarter worth $131,000. 59.00% of the stock is currently owned by hedge funds and other institutional investors.

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.