FY2023 EPS Estimates for TransAlta Co. Lifted by Atb Cap Markets (NYSE:TAC)

TransAlta Co. (NYSE:TAC) (TSE:TA) – Atb Cap Markets increased their FY2023 EPS estimates for shares of TransAlta in a note issued to investors on Tuesday, November 7th. Atb Cap Markets analyst N. Heywood now expects that the utilities provider will earn $2.20 per share for the year, up from their prior estimate of $1.46. The consensus estimate for TransAlta’s current full-year earnings is $1.40 per share. Atb Cap Markets also issued estimates for TransAlta’s Q4 2023 earnings at $0.28 EPS and Q2 2024 earnings at $0.08 EPS.

Several other research analysts have also recently weighed in on TAC. StockNews.com initiated coverage on shares of TransAlta in a report on Thursday, October 5th. They issued a “buy” rating on the stock. TheStreet raised shares of TransAlta from a “d+” rating to a “c” rating in a report on Tuesday. Finally, TD Securities initiated coverage on shares of TransAlta in a report on Friday, October 6th. They issued a “buy” rating on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $16.00.

TransAlta Stock Up 0.9 %

Shares of TAC stock opened at $8.26 on Friday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.53 and a current ratio of 1.54. The firm’s 50-day moving average is $8.52 and its 200-day moving average is $9.29. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 5.23 and a beta of 1.07. TransAlta has a 52-week low of $7.22 and a 52-week high of $10.40.

TransAlta Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 1st will be issued a dividend of $0.0398 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.16 annualized dividend and a dividend yield of 1.93%. TransAlta’s dividend payout ratio is presently 10.13%.

Institutional Trading of TransAlta

Several large investors have recently made changes to their positions in TAC. Financial Management Professionals Inc. acquired a new stake in TransAlta in the second quarter valued at approximately $29,000. Pacifica Partners Inc. boosted its position in TransAlta by 766.3% in the third quarter. Pacifica Partners Inc. now owns 3,465 shares of the utilities provider’s stock valued at $30,000 after buying an additional 3,065 shares in the last quarter. 1832 Asset Management L.P. boosted its position in TransAlta by 153.2% in the first quarter. 1832 Asset Management L.P. now owns 5,497 shares of the utilities provider’s stock valued at $56,000 after buying an additional 3,326 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in TransAlta in the fourth quarter valued at approximately $55,000. Finally, Bank of New York Mellon Corp acquired a new stake in TransAlta in the third quarter valued at approximately $88,000. Institutional investors and hedge funds own 64.93% of the company’s stock.

TransAlta Company Profile

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 has a net ownership interest of approximately 922 megawatts (MW) of owned hydro electrical-generating capacity located in Alberta, British Columbia, and Ontario.