TransAlta Co. (NYSE:TAC) Expected to Post Q1 2024 Earnings of $0.14 Per Share

TransAlta Co. (NYSE:TAC) (TSE:TA) – Atb Cap Markets upped their Q1 2024 earnings estimates for TransAlta in a note issued to investors on Tuesday, April 23rd. Atb Cap Markets analyst N. Heywood now forecasts that the utilities provider will earn $0.14 per share for the quarter, up from their prior estimate of $0.10. The consensus estimate for TransAlta’s current full-year earnings is $0.51 per share. Atb Cap Markets also issued estimates for TransAlta’s FY2024 earnings at $0.55 EPS.

TransAlta (NYSE:TAC) (TSE:TA) last released its quarterly earnings results on Friday, February 23rd. The utilities provider reported ($0.20) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.30). TransAlta had a net margin of 20.05% and a return on equity of 48.42%. The firm had revenue of $624.00 million for the quarter, compared to analysts’ expectations of $305.79 million. During the same period in the previous year, the company posted ($0.45) earnings per share. The business’s quarterly revenue was down 26.9% compared to the same quarter last year.

Separately, StockNews.com lowered TransAlta from a “strong-buy” rating to a “buy” rating in a report on Friday, January 12th.

TransAlta Price Performance

Shares of NYSE TAC opened at $6.63 on Thursday. TransAlta has a 12 month low of $5.94 and a 12 month high of $10.40. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of 3.62 and a beta of 0.83. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.91 and a quick ratio of 0.82. The firm’s 50 day simple moving average is $6.56 and its 200-day simple moving average is $7.39.

Institutional Investors Weigh In On TransAlta

Several institutional investors have recently added to or reduced their stakes in TAC. NBC Securities Inc. increased its holdings in 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. PNC Financial Services Group Inc. acquired a new position in TransAlta during the 4th quarter worth $33,000. Calton & Associates Inc. acquired a new stake in shares of TransAlta in the fourth quarter valued at $93,000. 1832 Asset Management L.P. lifted its holdings 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 buying an additional 3,876 shares during the period. Finally, Quantbot Technologies LP raised its position in shares of TransAlta by 25.7% during the third quarter. Quantbot Technologies LP now owns 11,712 shares of the utilities provider’s stock worth $102,000 after purchasing an additional 2,392 shares during the period. Hedge funds and other institutional investors own 59.00% of the company’s stock.

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.