TransAlta (NYSE:TAC) Stock Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• TransAlta shares crossed above their 200-day moving average on Monday, trading as high as $14.26 before last changing hands at $13.9150. The stock’s 200-day average was $13.11, signaling a short-term technical improvement.
• Analyst sentiment remains positive, with several firms reiterating or upgrading to Buy/Outperform ratings and a consensus price target of $22.25. MarketBeat notes an overall rating of Moderate Buy.
• The company recently beat earnings expectations, reporting $0.04 EPS versus the expected $0.01, though revenue came in below forecasts. TransAlta also has notable balance-sheet leverage, with a debt-to-equity ratio of 6.61.

TransAlta Corporation (NYSE:TAC - Get Free Report) TSE: TA's stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $13.11 and traded as high as $14.26. TransAlta shares last traded at $13.9150, with a volume of 920,171 shares trading hands.

Analyst Upgrades and Downgrades

TAC has been the topic of several recent analyst reports. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of TransAlta in a research note on Thursday, April 16th. Royal Bank Of Canada reissued an "outperform" rating and issued a $24.00 price target on shares of TransAlta in a report on Tuesday, March 24th. Scotiabank upgraded shares of TransAlta to a "strong-buy" rating in a research report on Wednesday, June 10th. TD Cowen assumed coverage on shares of TransAlta in a report on Wednesday, June 10th. They issued a "buy" rating on the stock. Finally, National Bank Financial upgraded TransAlta from a "sector perform" rating to an "outperform" rating in a research report on Tuesday, March 24th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, TransAlta presently has an average rating of "Moderate Buy" and a consensus price target of $22.25.

TransAlta Stock Down 2.1%

The company has a debt-to-equity ratio of 6.61, a current ratio of 0.76 and a quick ratio of 0.70. The company has a market cap of $4.40 billion, a PE ratio of -25.77 and a beta of 0.69. The company has a fifty day moving average price of $13.45 and a 200 day moving average price of $13.11.

TransAlta (NYSE:TAC - Get Free Report) TSE: TA last posted its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.03. TransAlta had a negative net margin of 9.46% and a positive return on equity of 9.52%. The company had revenue of $406.19 million for the quarter, compared to analysts' expectations of $436.36 million. As a group, analysts anticipate that TransAlta Corporation will post 0.22 EPS for the current year.

Institutional Trading of TransAlta

Several institutional investors and hedge funds have recently made changes to their positions in TAC. Caitong International Asset Management Co. Ltd bought a new stake in shares of TransAlta during the 4th quarter worth $37,000. EverSource Wealth Advisors LLC increased its stake in TransAlta by 37.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,000 shares of the utilities provider's stock valued at $38,000 after acquiring an additional 812 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in TransAlta during the fourth quarter valued at about $50,000. Warren Street Wealth Advisors LLC purchased a new stake in TransAlta during the fourth quarter valued at about $129,000. Finally, Ritter Alpha LP bought a new stake in TransAlta during the fourth quarter worth about $131,000. Hedge funds and other institutional investors own 59.00% of the company's stock.

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.

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