TransAlta (NYSE:TAC) Shares Down 10.3% – Here’s What Happened

Shares of TransAlta Corporation (NYSE:TAC) (TSE:TA) traded down 10.3% during trading on Thursday . The stock traded as low as $13.03 and last traded at $12.9660. 660,496 shares traded hands during trading, a decline of 55% from the average session volume of 1,472,764 shares. The stock had previously closed at $14.46.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank Of Canada restated an “outperform” rating and set a $24.00 price target on shares of TransAlta in a research report on Tuesday, March 24th. Weiss Ratings lowered shares of TransAlta from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, May 7th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TransAlta in a research report on Thursday, April 16th. BMO Capital Markets reiterated an “outperform” rating on shares of TransAlta in a research report on Thursday, May 7th. Finally, National Bank Financial upgraded shares of TransAlta from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, March 24th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, TransAlta presently has an average rating of “Moderate Buy” and an average price target of $21.33.

TransAlta Price Performance

The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 6.61. The stock has a market capitalization of $3.86 billion, a PE ratio of -24.04 and a beta of 0.69. The company has a 50-day moving average of $13.16 and a 200 day moving average of $13.17.

TransAlta (NYSE:TAC) (TSE:TA) last issued its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. TransAlta had a positive return on equity of 9.52% and a negative net margin of 9.46%.The firm had revenue of $406.19 million during the quarter, compared to analysts’ expectations of $436.36 million. Sell-side analysts predict that TransAlta Corporation will post 0.26 EPS for the current year.

Hedge Funds Weigh In On TransAlta

Institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new position in TransAlta during the fourth quarter worth about $37,000. EverSource Wealth Advisors LLC boosted its position 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 acquiring an additional 812 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in TransAlta during the fourth quarter worth about $50,000. Warren Street Wealth Advisors LLC acquired a new position in TransAlta during the fourth quarter worth about $129,000. Finally, Ritter Alpha LP acquired a new position in TransAlta during the fourth quarter worth about $131,000. 59.00% of the stock is currently owned by institutional investors and hedge funds.

TransAlta Company Profile

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.