TransAlta (TSE:TA) Stock Price Down 16.1% – Here’s Why

Shares of TransAlta Co. (TSE:TA) (NYSE:TAC) dropped 16.1% on Thursday . The stock traded as low as C$19.13 and last traded at C$19.98. Approximately 639,414 shares changed hands during trading, a decline of 63% from the average daily volume of 1,734,560 shares. The stock had previously closed at C$23.80.

Wall Street Analyst Weigh In

TA has been the subject of several analyst reports. Scotiabank increased their target price on TransAlta from C$23.00 to C$27.00 and gave the company an “outperform” rating in a report on Monday, October 20th. TD Securities increased 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. CIBC increased their price target on shares of TransAlta from C$20.00 to C$26.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. ATB Capital increased their price target on shares of 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, Desjardins raised their target price on shares of TransAlta from C$16.50 to C$21.00 and gave the stock a “hold” rating in a research report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of C$23.00.

TransAlta Stock Performance

The firm has a market capitalization of C$6.07 billion, a P/E ratio of -37.89, a price-to-earnings-growth ratio of -0.07 and a beta of 0.74. The company has a current ratio of 0.74, a quick ratio of 0.62 and a debt-to-equity ratio of 229.66. The business’s 50 day simple moving average is C$20.46 and its two-hundred day simple moving average is C$16.74.

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.