BMO Capital Markets Initiates Coverage on TransAlta (NYSE:TAC)

Research analysts at BMO Capital Markets assumed coverage on shares of TransAlta (NYSE:TAC) (TSE:TA) in a research report issued on Wednesday. The brokerage set an “outperform” rating on the utilities provider’s stock.

TAC has been the subject of several other reports. National Bank Financial raised TransAlta from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, March 24th. Weiss Ratings downgraded TransAlta from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, May 7th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of TransAlta in a research report on Thursday, April 16th. TD Securities reaffirmed a “buy” rating on shares of TransAlta in a research note on Thursday, May 7th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $24.00 price objective on shares of TransAlta in a research report on Tuesday, March 24th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.25.

TransAlta Price Performance

Shares of NYSE TAC traded down $0.04 during midday trading on Wednesday, hitting $12.42. The company had a trading volume of 110,093 shares, compared to its average volume of 1,524,105. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of -22.99 and a beta of 0.69. TransAlta has a twelve month low of $10.28 and a twelve month high of $17.88. The business has a 50-day simple moving average of $13.14 and a two-hundred day simple moving average of $13.12. The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 6.61.

TransAlta (NYSE:TAC) (TSE:TA) last issued its earnings results on Wednesday, May 6th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. TransAlta had a negative net margin of 9.46% and a positive return on equity of 9.52%. The company had revenue of $406.19 million during the quarter, compared to analysts’ expectations of $436.36 million. Equities research analysts anticipate that TransAlta will post 0.26 earnings per share for the current year.

Institutional Trading of TransAlta

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of TransAlta during the fourth quarter valued at $37,000. EverSource Wealth Advisors LLC raised its stake in TransAlta by 37.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,000 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 812 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in TransAlta in the 4th quarter valued at about $50,000. Warren Street Wealth Advisors LLC acquired a new stake in shares of TransAlta during the 4th quarter worth about $129,000. Finally, Ritter Alpha LP acquired a new stake in shares of TransAlta during the 4th quarter worth about $131,000. 59.00% of the stock is currently owned by hedge funds and other institutional investors.

About TransAlta

TransAlta Corporation, originally founded in 1909 as Calgary Power Company Ltd., is a publicly traded energy company specializing in the development, ownership and operation of power generation and transmission assets. Headquartered in Calgary, Alberta, TransAlta has grown from its early hydroelectric roots into a diversified energy provider with a multi-fuel generating fleet.

The company’s core business activities encompass power generation, asset management and energy trading services.