Talen Energy (NASDAQ:TLN) Given New $470.00 Price Target at Scotiabank

Key Points

• Scotiabank raised its price target on Talen Energy from $463 to $470 while keeping a “sector perform” rating, implying about 15.2% upside from the prior close.
• Other analysts remain mixed but generally constructive: Goldman Sachs initiated coverage with a buy and $499 target, while Jefferies cut the stock to hold with a $453 target; the overall consensus is Moderate Buy with an average target of $475.08.
• The stock traded up 2.8% to $408.04, and recent filings showed director Gizman I. Abbas sold 2,600 shares, while several institutional investors increased their positions in the company.

Talen Energy (NASDAQ:TLN - Get Free Report) had its price target boosted by equities researchers at Scotiabank from $463.00 to $470.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "sector perform" rating on the utilities provider's stock. Scotiabank's price objective would indicate a potential upside of 15.19% from the stock's previous close.

A number of other research analysts have also commented on the company. Jefferies Financial Group lowered Talen Energy from a "buy" rating to a "hold" rating and set a $453.00 price target for the company. in a research report on Tuesday, June 23rd. The Goldman Sachs Group began coverage on Talen Energy in a research note on Thursday, June 18th. They set a "buy" rating and a $499.00 target price on the stock. Weiss Ratings raised Talen Energy from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, May 7th. Barclays lifted their price target on shares of Talen Energy from $408.00 to $411.00 and gave the company an "overweight" rating in a report on Tuesday, May 19th. Finally, Wells Fargo & Company boosted their price objective on shares of Talen Energy from $465.00 to $477.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $475.08.

Talen Energy Trading Up 2.8%

Shares of Talen Energy stock traded up $11.09 during trading on Wednesday, reaching $408.04. 187,278 shares of the stock were exchanged, compared to its average volume of 822,942. The company has a quick ratio of 1.05, a current ratio of 1.25 and a debt-to-equity ratio of 6.32. The firm has a market cap of $19.54 billion, a price-to-earnings ratio of -608.83 and a beta of 1.82. Talen Energy has a 1 year low of $255.50 and a 1 year high of $451.28. The stock's fifty day moving average is $379.22 and its 200 day moving average is $362.11.

Insider Buying and Selling at Talen Energy

In other news, Director Gizman I. Abbas sold 2,600 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $380.00, for a total value of $988,000.00. Following the sale, the director directly owned 2,606 shares of the company's stock, valued at $990,280. This represents a 49.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.78% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Fred Alger Management LLC increased its stake in shares of Talen Energy by 8.4% during the fourth quarter. Fred Alger Management LLC now owns 1,804,094 shares of the utilities provider's stock valued at $676,247,000 after purchasing an additional 140,345 shares in the last quarter. Reaves W H & Co. Inc. increased its position in Talen Energy by 7.9% during the 4th quarter. Reaves W H & Co. Inc. now owns 1,521,697 shares of the utilities provider's stock valued at $570,393,000 after buying an additional 111,160 shares in the last quarter. Invesco Ltd. raised its stake in Talen Energy by 35.6% during the fourth quarter. Invesco Ltd. now owns 1,441,381 shares of the utilities provider's stock valued at $540,287,000 after buying an additional 378,357 shares during the last quarter. State Street Corp raised its stake in Talen Energy by 88.2% during the third quarter. State Street Corp now owns 1,338,698 shares of the utilities provider's stock valued at $569,455,000 after buying an additional 627,467 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Talen Energy by 9.1% in the fourth quarter. Geode Capital Management LLC now owns 1,049,196 shares of the utilities provider's stock worth $409,559,000 after acquiring an additional 87,784 shares in the last quarter. 0.38% of the stock is owned by hedge funds and other institutional investors.

Talen Energy Company Profile

Talen Energy Inc is an independent power producer that develops and operates a diversified portfolio of thermal and renewable generation facilities across the United States. The company supplies wholesale electricity and related services to utilities, large industrial customers, and power marketers, participating actively in regional markets such as PJM Interconnection and the Electric Reliability Council of Texas (ERCOT). Talen's asset base comprises a mix of natural gas-fired, coal-fired and nuclear generation, supplemented by battery storage and other flexible resources designed to support the evolving needs of the grid.

Established in December 2015 through the combination of the competitive generation businesses previously held by two major utility groups, Talen Energy was structured as a standalone, publicly traded entity on the NASDAQ stock exchange (TLN).

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