TransAlta (NYSE:TAC) Raised to “Hold” at Zacks Research

TransAlta (NYSE:TAC) (TSE:TA) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

TAC has been the subject of several other research reports. TD Cowen began coverage on shares of TransAlta in a research note on Wednesday, June 10th. They set a “buy” rating for the company. Scotiabank upgraded shares of TransAlta to a “strong-buy” rating in a research note on Wednesday, June 10th. TD Securities reissued a “buy” rating on shares of TransAlta in a report on Thursday, May 7th. BMO Capital Markets reissued an “outperform” rating on shares of TransAlta in a report on Monday, August 3rd. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of TransAlta in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $24.50.

TransAlta Stock Down 1.8%

Shares of NYSE TAC opened at $12.48 on Monday. The company has a quick ratio of 0.77, a current ratio of 0.84 and a debt-to-equity ratio of 3.64. The company has a market cap of $3.95 billion, a P/E ratio of -69.36 and a beta of 0.70. TransAlta has a 52 week low of $11.38 and a 52 week high of $17.88. The business has a 50-day simple moving average of $13.34 and a two-hundred day simple moving average of $13.17.

TransAlta (NYSE:TAC) (TSE:TA) last announced its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. TransAlta had a positive return on equity of 8.85% and a negative net margin of 2.76%.The firm had revenue of $342.85 million for the quarter, compared to analysts’ expectations of $379.54 million. Research analysts anticipate that TransAlta will post 0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TAC. Persistent Asset Partners Ltd purchased a new stake in TransAlta in the second quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd bought a new stake in TransAlta during the fourth quarter valued at approximately $37,000. EverSource Wealth Advisors LLC grew its stake 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 in the last quarter. Warren Street Wealth Advisors LLC purchased a new stake in shares of TransAlta during the 4th quarter valued at $129,000. Finally, Ritter Alpha LP purchased a new stake in shares of TransAlta during the 4th quarter valued at $131,000. 59.00% of the stock is currently owned by 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.