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

StockNews.com upgraded shares of TransAlta (NYSE:TAC) (TSE:TA) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning.

A number of other equities research analysts have also weighed in on the stock. Scotiabank lowered shares of TransAlta from a “sector outperform” rating to a “sector perform” rating in a research note on Thursday, January 23rd. Desjardins reiterated a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th. CIBC lowered shares of TransAlta from a “sector outperform” rating to a “neutral” rating in a research note on Wednesday, January 8th. Finally, Cibc World Mkts lowered shares of TransAlta from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 8th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold”.

TransAlta Price Performance

Shares of TAC opened at $10.40 on Tuesday. The firm has a market cap of $3.09 billion, a PE ratio of 28.10 and a beta of 0.83. The company has a current ratio of 0.74, a quick ratio of 0.67 and a debt-to-equity ratio of 2.94. The firm has a fifty day simple moving average of $13.00 and a two-hundred day simple moving average of $10.84. TransAlta has a 1-year low of $5.94 and a 1-year high of $14.64.

TransAlta Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Saturday, March 1st will be paid a $0.0423 dividend. The ex-dividend date is Friday, February 28th. This represents a $0.17 annualized dividend and a dividend yield of 1.63%. TransAlta’s dividend payout ratio (DPR) is 48.65%.

Institutional Investors Weigh In On TransAlta

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tobam purchased a new stake in shares of TransAlta in the 4th quarter worth $46,000. Financial Management Professionals Inc. purchased a new stake in shares of TransAlta in the 3rd quarter worth $42,000. Quantbot Technologies LP purchased a new stake in shares of TransAlta in the 3rd quarter worth $61,000. Ballentine Partners LLC purchased a new stake in shares of TransAlta in the 4th quarter worth $145,000. Finally, Orion Portfolio Solutions LLC purchased a new stake in shares of TransAlta in the 4th quarter worth $147,000. 59.00% of the stock is currently 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.