TransAlta (NYSE:TAC) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of TransAlta (NYSE:TAC) (TSE:TA) from a hold rating to a buy rating in a report issued on Friday morning.

Other equities research analysts have also issued reports about the stock. Cibc World Mkts lowered shares of TransAlta from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 8th. Scotiabank downgraded TransAlta from a “sector outperform” rating to a “sector perform” rating in a report on Thursday, January 23rd. Desjardins reissued a “hold” rating on shares of TransAlta in a research report on Wednesday, November 6th. Finally, CIBC lowered TransAlta from a “sector outperform” rating to a “neutral” rating in a research report on Wednesday, January 8th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, TransAlta presently has an average rating of “Hold”.

TransAlta Price Performance

TransAlta stock opened at $11.51 on Friday. The firm has a market cap of $3.42 billion, a P/E ratio of 31.10 and a beta of 0.84. The stock’s 50 day moving average is $13.07 and its 200 day moving average is $10.61. The company has a debt-to-equity ratio of 2.94, a current ratio of 0.74 and a quick ratio of 0.67. TransAlta has a one year low of $5.94 and a one year high of $14.64.

TransAlta Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Saturday, March 1st will be paid a dividend of $0.0423 per share. This represents a $0.17 annualized dividend and a yield of 1.47%. The ex-dividend date is Friday, February 28th. TransAlta’s dividend payout ratio is presently 48.65%.

Institutional Investors Weigh In On TransAlta

Several hedge funds and other institutional investors have recently bought and sold shares of TAC. Rubric Capital Management LP boosted its position in shares of TransAlta by 20.0% during the 3rd quarter. Rubric Capital Management LP now owns 5,622,961 shares of the utilities provider’s stock worth $58,254,000 after purchasing an additional 935,803 shares in the last quarter. FMR LLC grew its stake in TransAlta by 9.8% in the third quarter. FMR LLC now owns 4,593,023 shares of the utilities provider’s stock valued at $47,613,000 after acquiring an additional 408,184 shares during the period. Wellington Management Group LLP acquired a new stake in TransAlta in the third quarter valued at approximately $998,000. Polar Asset Management Partners Inc. bought a new stake in shares of TransAlta during the third quarter valued at approximately $518,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of TransAlta during the third quarter worth approximately $1,812,000. 59.00% of the stock is owned by institutional investors.

TransAlta Company Profile

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.