TransAlta (TSE:TA) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• TransAlta Co. (TSE:TA) shares have surpassed their 200-day moving average, trading at C$23.92, indicating positive momentum in the stock market.
• Several analysts have revised their price targets upward, with Jefferies boosting it to C$27.00 and maintaining a "buy" rating, contributing to an overall average rating of "Buy" for the stock.
• The company, which operates a diverse range of energy generation assets in Canada, the U.S., and Australia, has a current market cap of C$7.09 billion.

TransAlta Co. (TSE:TA - Get Free Report) NYSE: TAC passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$15.48 and traded as high as C$24.37. TransAlta shares last traded at C$23.92, with a volume of 3,541,693 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Jefferies Financial Group boosted their price target on TransAlta from C$20.00 to C$27.00 and gave the stock a "buy" rating in a report on Tuesday. TD Securities boosted their price target on TransAlta from C$19.00 to C$20.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. National Bankshares lifted their price objective on TransAlta from C$16.00 to C$17.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Scotiabank raised TransAlta from a "hold" rating to a "strong-buy" rating and lifted their price objective for the stock from C$16.00 to C$20.00 in a research note on Friday, July 18th. Finally, ATB Capital lifted their price objective on TransAlta from C$18.00 to C$20.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, TransAlta presently has an average rating of "Buy" and a consensus price target of C$20.00.

TransAlta Stock Up 1.8%

The company has a 50-day simple moving average of C$18.34 and a 200 day simple moving average of C$15.48. The company has a market cap of C$7.09 billion, a P/E ratio of -44.30, a P/E/G ratio of -0.07 and a beta of 0.73. The company has a current ratio of 0.74, a quick ratio of 0.62 and a debt-to-equity ratio of 229.66.

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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