TransAlta (NYSE:TAC) Lowered to “Buy” at StockNews.com

TransAlta (NYSE:TAC) (TSE:TA) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Monday.

TransAlta Stock Performance

TAC stock traded up $0.09 during midday trading on Monday, hitting $9.21. 320,012 shares of the stock traded hands, compared to its average volume of 741,432. The stock’s fifty day simple moving average is $8.13 and its 200-day simple moving average is $7.27. The firm has a market cap of $2.79 billion, a P/E ratio of 5.94 and a beta of 0.91. TransAlta has a 1-year low of $5.94 and a 1-year high of $9.41. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.84 and a quick ratio of 0.75.

TransAlta (NYSE:TAC) (TSE:TA) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.08. TransAlta had a return on equity of 47.71% and a net margin of 18.41%. The firm had revenue of $425.37 million for the quarter. During the same quarter last year, the business earned $0.17 earnings per share. On average, analysts expect that TransAlta will post 0.75 earnings per share for the current year.

Hedge Funds Weigh In On TransAlta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TAC. NBC Securities Inc. raised its position in shares of TransAlta by 156.3% during the 1st quarter. NBC Securities Inc. now owns 4,100 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 2,500 shares during the last quarter. Clayton Partners LLC raised its holdings in shares of TransAlta by 15.7% during the fourth quarter. Clayton Partners LLC now owns 18,546 shares of the utilities provider’s stock valued at $154,000 after acquiring an additional 2,517 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co lifted its position in shares of TransAlta by 2.3% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 148,300 shares of the utilities provider’s stock valued at $951,000 after acquiring an additional 3,375 shares in the last quarter. 1832 Asset Management L.P. lifted its position in shares of TransAlta by 50.3% in the fourth quarter. 1832 Asset Management L.P. now owns 11,576 shares of the utilities provider’s stock valued at $96,000 after acquiring an additional 3,876 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of TransAlta by 1,381.5% in the second quarter. Blue Trust Inc. now owns 4,237 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 3,951 shares during the last quarter. 59.00% of the stock is owned by hedge funds and other institutional investors.

About TransAlta

TransAlta Corporation engages in the development, production, and sale of electric energy. It operates through Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing segments. The Hydro segment holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.