TransAlta Corporation (NYSE:TAC) (TSE:TA) declared a quarterly dividend on Wednesday, July 19th, Wall Street Journal reports. Stockholders of record on Friday, September 1st will be paid a dividend of 0.0314 per share by the utilities provider on Sunday, October 1st. This represents a $0.13 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Wednesday, August 30th. This is a boost from TransAlta Corporation’s previous quarterly dividend of $0.03.

TransAlta Corporation has decreased its dividend payment by an average of 40.9% per year over the last three years. TransAlta Corporation has a dividend payout ratio of -228.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect TransAlta Corporation to earn $0.02 per share next year, which means the company may not be able to cover its $0.16 annual dividend with an expected future payout ratio of 800.0%.

TransAlta Corporation (NYSE TAC) opened at 6.15 on Tuesday. The stock’s 50 day moving average is $6.34 and its 200-day moving average is $5.78. TransAlta Corporation has a 52 week low of $3.75 and a 52 week high of $6.60. The stock has a market capitalization of $1.77 billion, a PE ratio of 72.35 and a beta of 0.71.

Several research analysts recently weighed in on TAC shares. Zacks Investment Research raised shares of TransAlta Corporation from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a research note on Tuesday, August 15th. BidaskClub raised shares of TransAlta Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. Finally, TheStreet lowered shares of TransAlta Corporation from a “c” rating to a “d+” rating in a research note on Friday, May 5th. Six analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and a consensus price target of $7.00.

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TransAlta Corporation Company Profile

TransAlta Corporation (TransAlta) is a non-regulated electricity generation and energy marketing company with an aggregate net ownership interest of approximately 8,720 megawatts of generating capacity. The Company is engaged in the production and sale of electric energy. It focuses on generating and marketing electricity in Canada, the United States and Western Australia through its diversified portfolio of facilities fuelled by coal, natural gas, diesel, hydro, wind and solar.

Dividend History for TransAlta Corporation (NYSE:TAC)

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