TransAlta (NYSE:TAC) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded TransAlta from “hold” to “strong buy.” MarketBeat’s consensus rating was “Buy,” with an average price target of $24.50.
• TransAlta reported quarterly EPS of $0.13, beating the $0.05 consensus estimate; revenue of $376.43 million also exceeded expectations.
• Shares slipped 0.8% to $13.02 in Thursday’s mid-day trading.

TransAlta (NYSE:TAC - Get Free Report) TSE: TA was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Thursday, Zacks reports.

Other research analysts have also recently issued reports about the company. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TransAlta in a research note on Friday, July 17th. BMO Capital Markets reissued an "outperform" rating on shares of TransAlta in a research note on Monday, August 3rd. Finally, Weiss Ratings raised shares of TransAlta from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $24.50.

TransAlta Trading Down 0.8%

Shares of TAC traded down $0.10 during mid-day trading on Thursday, reaching $13.02. The company's stock had a trading volume of 1,138,061 shares, compared to its average volume of 1,349,584. TransAlta has a 52 week low of $11.38 and a 52 week high of $15.98. The stock has a market cap of $4.12 billion, a PE ratio of 118.34 and a beta of 0.73. The company's fifty day moving average price is $12.47 and its two-hundred day moving average price is $12.95. The company has a current ratio of 0.84, a quick ratio of 0.77 and a debt-to-equity ratio of 3.64.

TransAlta (NYSE:TAC - Get Free Report) TSE: TA last released its earnings results on Tuesday, November 3rd. The utilities provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.05 by $0.08. The company had revenue of $376.43 million for the quarter, compared to analyst estimates of $366.40 million. TransAlta had a negative net margin of 2.76% and a positive return on equity of 8.85%. On average, analysts predict that TransAlta will post 0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TransAlta

Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE purchased a new stake in TransAlta during the 2nd quarter valued at $123,434,000. Value Aligned Research Advisors LLC purchased a new stake in shares of TransAlta in the first quarter worth $34,128,000. Cibc World Market Inc. purchased a new stake in shares of TransAlta during the second quarter worth about $31,799,000. Bank of Nova Scotia bought a new stake in shares of TransAlta during the second quarter valued at approximately $28,349,000. Finally, Man Group plc purchased a new position in TransAlta during the second quarter valued at $19,626,000. 59.00% of the stock is owned by institutional investors.

TransAlta Company Profile

TransAlta Corporation is a Canada-based power generation and wholesale marketing company headquartered in Calgary, Alberta. The company develops, owns and operates a diversified portfolio of electricity-generating facilities, including hydroelectric, wind, solar, natural gas and coal-fired power assets.

TransAlta supplies electricity to utilities, commercial and industrial customers, and wholesale markets. Its activities include power generation, energy marketing, asset management and the development of renewable energy projects.

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