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

TransAlta (NYSE:TAC) (TSE:TA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday, Zacks.com reports.

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

Other research analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. TD Securities raised their target price on shares of Wheaton Precious Metals from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, March 26th. Industrial Alliance Securities raised shares of TransAlta to a “buy” rating in a research report on Tuesday, March 26th. Finally, Credit Suisse Group set a €14.50 ($16.86) target price on shares of Assicurazioni Generali and gave the company a “sell” rating in a research report on Monday, March 18th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. TransAlta currently has an average rating of “Buy” and an average target price of $6.75.

TransAlta stock opened at $6.28 on Friday. The company has a market capitalization of $1.78 billion, a P/E ratio of -11.85 and a beta of 1.23. TransAlta has a 1-year low of $3.99 and a 1-year high of $7.61. The company has a fifty day simple moving average of $6.43. The company has a current ratio of 1.63, a quick ratio of 1.34 and a debt-to-equity ratio of 1.04.

TransAlta (NYSE:TAC) (TSE:TA) last released its earnings results on Tuesday, May 14th. The utilities provider reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.13). The business had revenue of $487.41 million during the quarter. TransAlta had a negative net margin of 14.67% and a negative return on equity of 8.73%. As a group, analysts predict that TransAlta will post -0.1 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. Millennium Management LLC acquired a new stake in shares of TransAlta during the 4th quarter worth about $62,000. Shell Asset Management Co. lifted its stake in shares of TransAlta by 15.5% during the 1st quarter. Shell Asset Management Co. now owns 24,600 shares of the utilities provider’s stock worth $181,000 after buying an additional 3,300 shares during the last quarter. Geode Capital Management LLC acquired a new stake in shares of TransAlta during the 4th quarter worth about $195,000. ARP Americas LP lifted its stake in shares of TransAlta by 33.1% during the 1st quarter. ARP Americas LP now owns 30,348 shares of the utilities provider’s stock worth $223,000 after buying an additional 7,548 shares during the last quarter. Finally, Qtron Investments LLC acquired a new stake in shares of TransAlta during the 1st quarter worth about $312,000. Hedge funds and other institutional investors own 49.97% of the company’s stock.

TransAlta Company Profile

TransAlta Corporation operates as non-regulated electricity generation and energy marketing company in Canada, the United States, and Western Australia. It operates through eight segments: Canadian Coal, U.S. Coal, Canadian Gas, Australian Gas, Wind and Solar, Hydro, Energy Marketing, and Corporate. The company generates and markets electricity through various generation fuels, such as coal, natural gas, water, solar, and wind.

Further Reading: What is Cost of Goods Sold (COGS)?

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