TransAlta (TSE:TA) Cut to Neutral at CIBC

TransAlta (TSE:TA) (NYSE:TAC) was downgraded by equities research analysts at CIBC from an “outperform” rating to a “neutral” rating in a research note issued on Wednesday,BayStreet.CA reports. They currently have a C$23.00 price objective on the stock, up from their previous price objective of C$17.00. CIBC’s price objective indicates a potential upside of 20.55% from the company’s current price.

TA has been the subject of a number of other research reports. Scotiabank upgraded TransAlta to a “strong-buy” rating in a research report on Thursday, December 5th. Desjardins raised their price objective on TransAlta from C$15.50 to C$16.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. BMO Capital Markets upped their price target on shares of TransAlta from C$17.00 to C$22.00 in a report on Monday, December 16th. Royal Bank of Canada boosted their target price on shares of TransAlta from C$14.00 to C$16.00 in a report on Wednesday, November 6th. Finally, TD Securities lifted their target price on TransAlta from C$16.00 to C$18.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, TransAlta presently has an average rating of “Moderate Buy” and an average price target of C$18.33.

TransAlta Price Performance

TSE TA traded down C$0.46 during trading hours on Wednesday, reaching C$19.08. 1,397,311 shares of the company’s stock were exchanged, compared to its average volume of 2,353,949. TransAlta has a one year low of C$8.22 and a one year high of C$20.98. The company has a current ratio of 0.84, a quick ratio of 0.62 and a debt-to-equity ratio of 219.87. The firm has a fifty day moving average of C$17.17 and a 200-day moving average of C$13.60. The stock has a market cap of C$5.69 billion, a PE ratio of 10.04, a price-to-earnings-growth ratio of -0.07 and a beta of 0.93.

Insider Transactions at TransAlta

In other news, Senior Officer Jane Nyla Fedoretz sold 25,000 shares of TransAlta stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of C$15.11, for a total transaction of C$377,750.00. Also, Director John Harry Kousinioris sold 45,000 shares of TransAlta stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of C$17.67, for a total transaction of C$795,150.00. Over the last 90 days, insiders have sold 204,763 shares of company stock worth $3,478,670. Corporate insiders own 0.21% of the company’s stock.

About TransAlta

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.