TransAlta (NYSE:TAC) Shares Pass Above 200-Day Moving Average – Here’s Why

Shares of TransAlta Corporation (NYSE:TAC) (TSE:TA) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $13.11 and traded as high as $14.26. TransAlta shares last traded at $13.9150, with a volume of 920,171 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on TAC shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $24.00 price objective on shares of TransAlta in a research report on Tuesday, March 24th. 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. TD Cowen started coverage on shares of TransAlta in a report on Wednesday, June 10th. They issued a “buy” rating on the stock. Finally, Weiss Ratings upgraded shares of TransAlta from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, TransAlta has a consensus rating of “Moderate Buy” and a consensus target price of $22.25.

TransAlta Stock Down 2.0%

The firm has a market cap of $4.31 billion, a P/E ratio of -25.27 and a beta of 0.69. The company’s 50-day simple moving average is $13.48 and its 200 day simple moving average is $13.12. The company has a debt-to-equity ratio of 6.61, a current ratio of 0.76 and a quick ratio of 0.70.

TransAlta (NYSE:TAC) (TSE:TA) last announced its earnings results on Wednesday, May 6th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.03. The firm had revenue of $406.19 million for the quarter, compared to analysts’ expectations of $436.36 million. TransAlta had a negative net margin of 9.46% and a positive return on equity of 9.52%. Research analysts anticipate that TransAlta Corporation will post 0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On TransAlta

A number of institutional investors and hedge funds have recently modified their holdings of TAC. Caitong International Asset Management Co. Ltd purchased a new stake in TransAlta during the 4th quarter valued at $37,000. EverSource Wealth Advisors LLC boosted its stake in TransAlta by 37.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,000 shares of the utilities provider’s stock worth $38,000 after buying an additional 812 shares during the period. FNY Investment Advisers LLC bought a new position in TransAlta during the fourth quarter valued at $50,000. Warren Street Wealth Advisors LLC bought a new position in TransAlta during the fourth quarter valued at $129,000. Finally, Ritter Alpha LP bought a new position in TransAlta during the fourth quarter valued at $131,000. Hedge funds and other institutional investors own 59.00% of the company’s stock.

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.