TransAlta Co. (NYSE:TAC) Forecasted to Post Q1 2024 Earnings of $0.14 Per Share

TransAlta Co. (NYSE:TAC) (TSE:TA) – Investment analysts at Atb Cap Markets lifted their Q1 2024 earnings per share (EPS) estimates for shares of TransAlta in a research report issued to clients and investors on Tuesday, April 23rd. Atb Cap Markets analyst N. Heywood now expects that the utilities provider will post earnings per share of $0.14 for the quarter, up from their previous estimate of $0.10. The consensus estimate for TransAlta’s current full-year earnings is $0.50 per share. Atb Cap Markets also issued estimates for TransAlta’s FY2024 earnings at $0.55 EPS.

TransAlta (NYSE:TAC) (TSE:TA) last posted its earnings results on Friday, February 23rd. The utilities provider reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.30). TransAlta had a return on equity of 48.42% and a net margin of 20.05%. The company had revenue of $624.00 million during the quarter, compared to the consensus estimate of $305.79 million. During the same period last year, the company posted ($0.45) EPS. The firm’s revenue was down 26.9% compared to the same quarter last year.

Separately, StockNews.com cut shares of TransAlta from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 12th.

TransAlta Price Performance

TransAlta stock opened at $6.83 on Thursday. The stock has a 50-day moving average price of $6.57 and a two-hundred day moving average price of $7.40. The company has a market capitalization of $2.10 billion, a PE ratio of 3.73 and a beta of 0.83. TransAlta has a 12 month low of $5.94 and a 12 month high of $10.40. The company has a current ratio of 0.91, a quick ratio of 0.82 and a debt-to-equity ratio of 4.06.

Institutional Trading of TransAlta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. boosted its stake in TransAlta by 101.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 36,723 shares of the utilities provider’s stock worth $319,000 after acquiring an additional 18,451 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co grew its position in TransAlta by 3.1% during the third quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 136,775 shares of the utilities provider’s stock valued at $1,197,000 after buying an additional 4,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in TransAlta by 21.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,733 shares of the utilities provider’s stock worth $348,000 after acquiring an additional 6,884 shares during the period. AMH Equity Ltd purchased a new position in TransAlta in the third quarter valued at about $2,913,000. Finally, Barclays PLC grew its position in shares of TransAlta by 17.0% during the 3rd quarter. Barclays PLC now owns 69,015 shares of the utilities provider’s stock valued at $601,000 after acquiring an additional 10,023 shares during the period. Institutional investors and hedge funds own 59.00% of the company’s stock.

About TransAlta

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 holds interest of approximately 922 megawatts (MW) of owned hydroelectric generating capacity located in Alberta, British Columbia, and Ontario.