TransAlta (TSE:TA) Hits New 52-Week High After Analyst Upgrade

TransAlta Co. (TSE:TA) (NYSE:TAC)’s share price hit a new 52-week high during trading on Tuesday after Jefferies Financial Group raised their price target on the stock from C$20.00 to C$27.00. Jefferies Financial Group currently has a buy rating on the stock. TransAlta traded as high as C$23.70 and last traded at C$22.98, with a volume of 486946 shares traded. The stock had previously closed at C$21.82.

Several other equities analysts have also recently commented on the stock. Scotiabank upgraded shares of TransAlta from a “hold” rating to a “strong-buy” rating and boosted their price target for the company from C$16.00 to C$20.00 in a report on Friday, July 18th. ATB Capital boosted their target price on TransAlta from C$18.00 to C$20.00 and gave the company an “outperform” rating in a research note on Tuesday, August 5th. TD Securities upped their target price on TransAlta from C$19.00 to C$20.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. CIBC raised their price target on TransAlta from C$18.50 to C$20.00 in a research note on Thursday, July 10th. Finally, National Bankshares lifted their price target on TransAlta from C$16.00 to C$17.00 and gave the company an “outperform” rating in a report on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of C$20.00.

TransAlta Stock Up 1.8%

The company has a market cap of C$7.09 billion, a price-to-earnings ratio of -44.30, a PEG ratio of -0.07 and a beta of 0.73. The business has a 50-day simple moving average of C$18.34 and a two-hundred day simple moving average of C$15.48. The company has a quick ratio of 0.62, a current ratio of 0.74 and a debt-to-equity ratio of 229.66.

About TransAlta

TransAlta is an independent power producer based in Alberta, Canada. The company operates a diverse and growing fleet of electrical power generation assets in Canada, the United States, and Australia consisting of hydro, wind, solar, battery storage, gas and energy transition facilities. The majority of the company’s revenues are derived from the sale of generation capacity, electricity, thermal energy, environmental attributes, and byproducts of power generation.