TransAlta (TSE:TA) Reaches New 52-Week High - Here's Why

Key Points

• TransAlta's share price hit a new 52-week high of C$24.55 on Friday, closing at C$24.26 after a trading volume of 64,579 shares.
• Several analysts have upgraded their price targets for TransAlta, with CIBC raising it to C$26.00 and Scotiabank to C$27.00, while the consensus target price stands at C$22.22.
• The company operates a diverse portfolio of power generation assets across multiple countries, emphasizing a transition towards renewable energy sources.

TransAlta Co. (TSE:TA - Get Free Report) NYSE: TAC's share price reached a new 52-week high on Friday . The stock traded as high as C$24.55 and last traded at C$24.26, with a volume of 64579 shares traded. The stock had previously closed at C$24.11.

Analyst Upgrades and Downgrades

TA has been the topic of several recent research reports. Desjardins upped their price target on TransAlta from C$16.50 to C$21.00 and gave the stock a "hold" rating in a research note on Wednesday. CIBC upped their price objective on TransAlta from C$20.00 to C$26.00 and gave the company an "outperform" rating in a research report on Monday. National Bankshares upped their price objective on TransAlta from C$16.00 to C$17.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Scotiabank upped their price objective on TransAlta from C$23.00 to C$27.00 and gave the company an "outperform" rating in a research report on Monday. Finally, ATB Capital upped their price objective on TransAlta from C$18.00 to C$20.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, TransAlta has an average rating of "Buy" and a consensus target price of C$22.22.

TransAlta Price Performance

The firm has a fifty day moving average price of C$19.16 and a two-hundred day moving average price of C$15.92. The stock has a market capitalization of C$7.20 billion, a P/E ratio of -44.98, a PEG ratio of -0.07 and a beta of 0.73. The company has a debt-to-equity ratio of 229.66, a quick ratio of 0.62 and a current ratio of 0.74.

TransAlta Company Profile

TransAlta is an independent power producer based in Alberta, Canada. The company operates a diverse and growing fleet of electrical power generation assets in Canada, the United States, and Australia consisting of hydro, wind, solar, battery storage, gas and energy transition facilities. The majority of the company's revenues are derived from the sale of generation capacity, electricity, thermal energy, environmental attributes, and byproducts of power generation.

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