StockNews.com Lowers TransAlta (NYSE:TAC) to Buy

TransAlta (NYSE:TAC) (TSE:TA) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Monday.

TransAlta Stock Up 1.0 %

Shares of TAC traded up $0.09 during midday trading on Monday, hitting $9.21. 320,012 shares of the company’s stock traded hands, compared to its average volume of 741,432. The company has a current ratio of 0.84, a quick ratio of 0.75 and a debt-to-equity ratio of 3.43. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 5.94 and a beta of 0.91. TransAlta has a 1 year low of $5.94 and a 1 year high of $9.41. The firm’s fifty day moving average is $8.13 and its 200-day moving average is $7.27.

TransAlta (NYSE:TAC) (TSE:TA) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.08. TransAlta had a net margin of 18.41% and a return on equity of 47.71%. The company had revenue of $425.37 million for the quarter. During the same period in the prior year, the firm posted $0.17 EPS. As a group, sell-side analysts anticipate that TransAlta will post 0.75 earnings per share for the current year.

Hedge Funds Weigh In On TransAlta

Institutional investors have recently bought and sold shares of the business. Creative Planning increased its stake in shares of TransAlta by 161.9% in the second quarter. Creative Planning now owns 50,311 shares of the utilities provider’s stock worth $356,000 after acquiring an additional 31,103 shares during the period. The Manufacturers Life Insurance Company grew its position in TransAlta by 22.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 929,631 shares of the utilities provider’s stock worth $6,582,000 after purchasing an additional 169,219 shares during the period. Marshall Wace LLP acquired a new stake in TransAlta during the 2nd quarter worth about $252,000. Evergreen Capital Management LLC purchased a new position in shares of TransAlta during the 2nd quarter valued at about $72,000. Finally, Clayton Partners LLC lifted its holdings in shares of TransAlta by 2,293.5% in the 2nd quarter. Clayton Partners LLC now owns 458,155 shares of the utilities provider’s stock valued at $3,244,000 after buying an additional 439,013 shares during the period. 59.00% of the stock is owned by hedge funds and other 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.