TransAlta (NYSE:TAC) Downgraded to Hold at Zacks Investment Research

TransAlta (NYSE:TACGet Rating) (TSE:TA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

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

A number of other equities analysts have also weighed in on the stock. StockNews.com upgraded shares of TransAlta from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 19th. National Bank Financial upped their price target on shares of TransAlta from C$14.00 to C$15.00 in a research report on Monday, May 9th. Finally, Bank of America lowered shares of TransAlta from a “buy” rating to a “neutral” rating in a research report on Tuesday, March 22nd. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, TransAlta currently has a consensus rating of “Buy” and a consensus price target of $16.00.

Shares of TransAlta stock opened at $11.39 on Wednesday. The company’s fifty day simple moving average is $10.64 and its two-hundred day simple moving average is $10.58. TransAlta has a 12-month low of $8.98 and a 12-month high of $12.13. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 1.41. The firm has a market cap of $3.08 billion, a PE ratio of -10.75 and a beta of 1.09.

TransAlta (NYSE:TACGet Rating) (TSE:TA) last announced its quarterly earnings results on Friday, May 6th. The utilities provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.36. The firm had revenue of $580.27 million during the quarter, compared to analyst estimates of $536.65 million. TransAlta had a negative net margin of 12.08% and a positive return on equity of 14.13%. During the same period in the previous year, the business posted ($0.02) earnings per share. As a group, sell-side analysts expect that TransAlta will post 0.64 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its position in TransAlta by 1.9% in the 1st quarter. Royal Bank of Canada now owns 43,966,549 shares of the utilities provider’s stock valued at $455,494,000 after acquiring an additional 812,221 shares in the last quarter. Marquard & Bahls AG grew its position in shares of TransAlta by 363.3% during the first quarter. Marquard & Bahls AG now owns 11,351,900 shares of the utilities provider’s stock worth $117,606,000 after buying an additional 8,901,600 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in TransAlta by 45.3% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,841,058 shares of the utilities provider’s stock valued at $98,274,000 after purchasing an additional 2,758,100 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in TransAlta by 48.5% in the first quarter. Mackenzie Financial Corp now owns 4,750,909 shares of the utilities provider’s stock valued at $49,252,000 after purchasing an additional 1,551,346 shares in the last quarter. Finally, TD Asset Management Inc. boosted its holdings in TransAlta by 5.3% in the fourth quarter. TD Asset Management Inc. now owns 4,664,453 shares of the utilities provider’s stock valued at $51,883,000 after purchasing an additional 236,276 shares in the last quarter. 76.49% of the stock is currently owned by institutional investors and hedge funds.

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.

Read More

Get a free copy of the Zacks research report on TransAlta (TAC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for TransAlta (NYSE:TAC)

Receive News & Ratings for TransAlta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TransAlta and related companies with MarketBeat.com's FREE daily email newsletter.