TransAlta (NYSE:TAC) Releases Earnings Results

TransAlta (NYSE:TAC) (TSE:TA) posted its quarterly earnings results on Thursday. The utilities provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.07), Zacks reports. The business had revenue of $441.57 million during the quarter, compared to the consensus estimate of $558.84 million. TransAlta had a negative return on equity of 2.06% and a negative net margin of 6.79%.

TransAlta Price Performance

Shares of NYSE:TAC traded up $0.59 during trading on Friday, reaching $15.53. The company had a trading volume of 4,133,497 shares, compared to its average volume of 1,647,512. The firm’s fifty day moving average is $14.83 and its 200 day moving average is $12.19. The company has a debt-to-equity ratio of 4.98, a quick ratio of 0.72 and a current ratio of 0.79. The firm has a market capitalization of $4.61 billion, a PE ratio of -36.96 and a beta of 0.80. TransAlta has a twelve month low of $7.82 and a twelve month high of $17.88.

TransAlta Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Monday, December 1st will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, December 1st. TransAlta’s dividend payout ratio is currently -37.50%.

Analyst Ratings Changes

TAC has been the subject of several recent research reports. TD Securities reaffirmed a “buy” rating and set a $20.00 target price (up from $19.00) on shares of TransAlta in a report on Tuesday, August 5th. Weiss Ratings restated a “sell (d+)” rating on shares of TransAlta in a research note on Wednesday, October 8th. Zacks Research downgraded shares of TransAlta from a “hold” rating to a “strong sell” rating in a report on Thursday. National Bankshares reaffirmed an “outperform” rating on shares of TransAlta in a report on Tuesday, August 5th. Finally, Scotiabank reiterated an “outperform” rating on shares of TransAlta in a research report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $19.88.

Institutional Investors Weigh In On TransAlta

A number of institutional investors have recently added to or reduced their stakes in the company. Orion Porfolio Solutions LLC acquired a new position in shares of TransAlta during the 2nd quarter valued at $159,000. JPMorgan Chase & Co. grew its holdings in TransAlta by 493.5% during the third quarter. JPMorgan Chase & Co. now owns 100,317 shares of the utilities provider’s stock worth $1,371,000 after acquiring an additional 83,414 shares during the period. Geode Capital Management LLC grew its holdings in TransAlta by 3.5% during the second quarter. Geode Capital Management LLC now owns 152,816 shares of the utilities provider’s stock worth $1,660,000 after acquiring an additional 5,214 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in TransAlta by 27.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 208,969 shares of the utilities provider’s stock worth $1,954,000 after acquiring an additional 45,478 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in TransAlta by 418.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 295,347 shares of the utilities provider’s stock valued at $3,186,000 after acquiring an additional 238,422 shares during the last quarter. 59.00% of the stock is currently owned by institutional investors and hedge funds.

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.