TransAlta (NYSE:TAC) Given a $11.00 Price Target at Scotiabank

Scotiabank set a $11.00 target price on TransAlta (NYSE:TAC) (TSE:TA) in a report released on Wednesday morning, TipRanks reports. The firm currently has a buy rating on the utilities provider’s stock.

TAC has been the subject of several other research reports. Zacks Investment Research downgraded TransAlta from a hold rating to a sell rating in a research report on Friday. Credit Suisse Group reiterated a hold rating and issued a $10.00 price objective on shares of TransAlta in a research report on Thursday. Finally, ValuEngine downgraded TransAlta from a strong-buy rating to a buy rating in a research report on Saturday, July 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $9.25.

TAC traded up $0.02 during trading on Wednesday, hitting $6.41. The company’s stock had a trading volume of 132,600 shares, compared to its average volume of 149,539. The firm’s 50 day moving average price is $6.40 and its two-hundred day moving average price is $6.54. The company has a quick ratio of 1.36, a current ratio of 1.74 and a debt-to-equity ratio of 0.98. TransAlta has a 12 month low of $3.99 and a 12 month high of $7.61. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of -12.09 and a beta of 1.19.

TransAlta (NYSE:TAC) (TSE:TA) last issued its quarterly earnings data on Friday, August 9th. The utilities provider reported ($0.02) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.06. TransAlta had a negative return on equity of 6.16% and a negative net margin of 9.91%. The firm had revenue of $371.56 million during the quarter. On average, sell-side analysts forecast that TransAlta will post -0.14 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.031 per share. The ex-dividend date is Friday, August 30th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.93%. This is an increase from TransAlta’s previous quarterly dividend of $0.03. TransAlta’s payout ratio is presently -22.64%.

Several hedge funds have recently added to or reduced their stakes in TAC. Connor Clark & Lunn Investment Management Ltd. grew its stake in TransAlta by 71.3% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,306,969 shares of the utilities provider’s stock valued at $9,607,000 after acquiring an additional 543,956 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in TransAlta in the second quarter valued at about $2,862,000. Swiss National Bank grew its stake in TransAlta by 2.2% in the second quarter. Swiss National Bank now owns 533,100 shares of the utilities provider’s stock valued at $3,468,000 after acquiring an additional 11,700 shares during the period. CIBC Asset Management Inc grew its stake in TransAlta by 7.0% in the second quarter. CIBC Asset Management Inc now owns 14,835,436 shares of the utilities provider’s stock valued at $96,518,000 after acquiring an additional 970,519 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in TransAlta by 14,367.5% in the second quarter. JPMorgan Chase & Co. now owns 1,700,079 shares of the utilities provider’s stock valued at $10,388,000 after acquiring an additional 1,688,328 shares during the period. Institutional investors own 49.08% of the company’s stock.

About TransAlta

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.

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Analyst Recommendations for TransAlta (NYSE:TAC)

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