TransAlta (TSE:TA) Shares Down 16.5% – Here’s What Happened

Shares of TransAlta Co. (TSE:TA) (NYSE:TAC) dropped 16.5% during trading on Thursday . The stock traded as low as C$19.13 and last traded at C$19.87. Approximately 1,814,128 shares traded hands during trading, an increase of 4% from the average daily volume of 1,736,289 shares. The stock had previously closed at C$23.80.

Wall Street Analyst Weigh In

TA has been the topic of several analyst reports. TD Securities lifted their price target on shares of TransAlta from C$20.00 to C$27.00 and gave the company a “buy” rating in a research report on Tuesday, October 28th. Jefferies Financial Group boosted their target price on TransAlta from C$20.00 to C$27.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Desjardins boosted their target price on TransAlta from C$16.50 to C$21.00 and gave the company a “hold” rating in a research report on Wednesday, October 22nd. ATB Capital boosted their target price 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. Finally, Scotiabank boosted their target price on TransAlta from C$23.00 to C$27.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of C$23.00.

TransAlta Trading Down 11.3%

The company has a fifty day simple moving average of C$20.46 and a two-hundred day simple moving average of C$16.74. The company has a debt-to-equity ratio of 229.66, a current ratio of 0.74 and a quick ratio of 0.62. The company has a market capitalization of C$6.26 billion, a P/E ratio of -39.11, a price-to-earnings-growth ratio of -0.07 and a beta 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.