TransAlta (NYSE:TAC) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of TransAlta (NYSE:TAC) (TSE:TA) from a sell rating to a hold rating in a research note published on Friday, Zacks.com reports.

According to Zacks, “TransAlta is Canada’s largest non-regulated electric generation and marketing company. “

Several other analysts also recently issued reports on the stock. Credit Suisse Group set a €14.50 ($16.86) price objective on shares of Assicurazioni Generali and gave the stock a sell rating in a research note on Monday, March 18th. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Industrial Alliance Securities raised shares of TransAlta to a buy rating in a research note on Tuesday, March 26th. Finally, TD Securities raised their price objective on shares of Wheaton Precious Metals from $29.00 to $32.00 and gave the stock a buy rating in a research note on Tuesday, March 26th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $6.75.

Shares of NYSE TAC opened at $6.24 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.34 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $1.78 billion, a P/E ratio of -11.77 and a beta of 1.23. TransAlta has a 1 year low of $3.99 and a 1 year high of $7.61. The stock has a 50-day moving average price of $6.42.

TransAlta (NYSE:TAC) (TSE:TA) last announced its quarterly earnings data on Tuesday, May 14th. The utilities provider reported ($0.17) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.13). The firm had revenue of $487.41 million during the quarter. TransAlta had a negative return on equity of 8.73% and a negative net margin of 14.67%. As a group, research analysts predict that TransAlta will post -0.1 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the company. Millennium Management LLC purchased a new position in shares of TransAlta during the fourth quarter worth approximately $62,000. Shell Asset Management Co. increased its position in shares of TransAlta by 15.5% during the first quarter. Shell Asset Management Co. now owns 24,600 shares of the utilities provider’s stock worth $181,000 after acquiring an additional 3,300 shares during the period. Geode Capital Management LLC purchased a new position in shares of TransAlta during the fourth quarter worth approximately $195,000. ARP Americas LP increased its position in shares of TransAlta by 33.1% during the first quarter. ARP Americas LP now owns 30,348 shares of the utilities provider’s stock worth $223,000 after acquiring an additional 7,548 shares during the period. Finally, Qtron Investments LLC purchased a new position in shares of TransAlta during the first quarter worth approximately $312,000. 49.96% of the stock is currently owned by institutional investors and hedge funds.

About TransAlta

TransAlta Corporation operates as non-regulated electricity generation and energy marketing company in Canada, the United States, and Western Australia. It operates through eight segments: Canadian Coal, U.S. Coal, Canadian Gas, Australian Gas, Wind and Solar, Hydro, Energy Marketing, and Corporate. The company generates and markets electricity through various generation fuels, such as coal, natural gas, water, solar, and wind.

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