TransAlta (NYSE:TAC) Upgraded at StockNews.com

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

A number of other research analysts have also recently commented on TAC. Desjardins reiterated a “hold” rating on shares of TransAlta in a report on Wednesday, November 6th. Scotiabank upgraded TransAlta to a “strong-buy” rating in a report on Thursday, December 5th.

TransAlta Stock Down 0.1 %

NYSE TAC opened at $14.24 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.74 and a debt-to-equity ratio of 2.94. TransAlta has a 52 week low of $5.94 and a 52 week high of $14.64. The business’s fifty day simple moving average is $11.63 and its 200-day simple moving average is $9.57. The firm has a market cap of $4.24 billion, a PE ratio of 38.49 and a beta of 0.91.

TransAlta Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Saturday, March 1st will be given a dividend of $0.0423 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.17 dividend on an annualized basis and a dividend yield of 1.19%. TransAlta’s payout ratio is currently 45.95%.

Hedge Funds Weigh In On TransAlta

Several hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in TransAlta during the second quarter worth about $172,000. Signaturefd LLC increased its stake in TransAlta by 173.4% during the 2nd quarter. Signaturefd LLC now owns 21,199 shares of the utilities provider’s stock worth $150,000 after buying an additional 13,444 shares during the period. Sage Rhino Capital LLC acquired a new stake in TransAlta during the 2nd quarter worth approximately $79,000. Intact Investment Management Inc. boosted its position in TransAlta by 5.6% in the 2nd quarter. Intact Investment Management Inc. now owns 1,912,250 shares of the utilities provider’s stock valued at $13,557,000 after buying an additional 101,200 shares during the period. Finally, National Bank of Canada FI grew its stake in shares of TransAlta by 9.0% in the second quarter. National Bank of Canada FI now owns 3,618,296 shares of the utilities provider’s stock worth $25,267,000 after acquiring an additional 299,594 shares in the last quarter. Institutional investors and hedge funds own 59.00% of the company’s stock.

About TransAlta

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.