TransAlta (NYSE:TAC) Upgraded at Zacks Investment Research

TransAlta (NYSE:TACGet Rating) (TSE:TA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The brokerage currently has a $12.00 target price on the utilities provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 9.89% from the company’s current price.

According to Zacks, “TransAlta is Canada’s largest non-regulated electric generation and marketing company. “

Several other brokerages have also issued reports on TAC. National Bank Financial boosted their target price on TransAlta from C$14.00 to C$15.00 in a research note on Monday. Bank of America cut TransAlta from a “buy” rating to a “neutral” rating in a report on Tuesday, March 22nd. TD Securities cut their price objective on TransAlta from C$17.50 to C$17.00 in a report on Wednesday, January 12th. Finally, StockNews.com raised TransAlta from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $16.00.

NYSE:TAC opened at $10.92 on Thursday. The stock’s 50-day simple moving average is $10.41 and its 200 day simple moving average is $10.57. The firm has a market capitalization of $2.95 billion, a PE ratio of -10.30 and a beta of 1.09. The company has a quick ratio of 1.05, a current ratio of 1.14 and a debt-to-equity ratio of 1.47. TransAlta has a twelve month low of $8.98 and a twelve month high of $12.13.

TransAlta (NYSE:TACGet Rating) (TSE:TA) last issued its quarterly earnings data on Friday, May 6th. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.61. TransAlta had a positive return on equity of 5.05% and a negative net margin of 20.34%. During the same quarter in the prior year, the business earned ($0.02) earnings per share. On average, analysts anticipate that TransAlta will post 0.37 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in TAC. Wells Fargo & Company MN purchased a new position in shares of TransAlta in the 2nd quarter worth $352,000. Morgan Stanley grew its position in TransAlta by 102.6% in the second quarter. Morgan Stanley now owns 860,941 shares of the utilities provider’s stock worth $8,592,000 after acquiring an additional 436,031 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in TransAlta in the third quarter worth about $211,000. BlackRock Inc. boosted its position in shares of TransAlta by 3.2% during the third quarter. BlackRock Inc. now owns 35,309 shares of the utilities provider’s stock valued at $373,000 after buying an additional 1,092 shares during the period. Finally, Barclays PLC boosted its position in shares of TransAlta by 48.1% during the third quarter. Barclays PLC now owns 14,163 shares of the utilities provider’s stock valued at $150,000 after buying an additional 4,599 shares during the period. 76.49% of the stock is owned by hedge funds and other institutional investors.

About TransAlta (Get Rating)

TransAlta Corporation owns, operates, and develops a diverse fleet of electrical power generation assets in Canada, the United States, and Australia. It operates through four segments: Hydro, Wind and Solar, Gas, and Energy Transition. owns and operates hydro, wind and solar, natural gas-fired, and coal-fired facilities.

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