TransAlta (TSE:TA) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

TransAlta Co. (TSE:TA) (NYSE:TAC) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of C$18.09 and traded as high as C$18.44. TransAlta shares last traded at C$18.25, with a volume of 2,230,694 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TA. Canadian Imperial Bank of Commerce cut their price objective on TransAlta from C$26.00 to C$24.50 in a report on Tuesday, September 22nd. Desjardins boosted their target price on shares of TransAlta from C$18.50 to C$19.00 and gave the company a “hold” rating in a research note on Friday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, TransAlta presently has a consensus rating of “Buy” and an average price target of C$24.85.

TransAlta Stock Up 1.4%

The firm has a market cap of C$5.77 billion, a price-to-earnings ratio of -58.87, a PEG ratio of -0.07 and a beta of 0.54. The firm has a 50-day moving average of C$17.25 and a two-hundred day moving average of C$18.09. The company has a current ratio of 0.84, a quick ratio of 0.61 and a debt-to-equity ratio of 238.01.

TransAlta (TSE:TA) (NYSE:TAC) last released its earnings results on Friday, July 31st. The company reported C$0.18 EPS for the quarter. The firm had revenue of C$507.00 million during the quarter. TransAlta had a negative net margin of 1.02% and a negative return on equity of 1.50%.

Insider Activity

In other news, insider Michael Politeski bought 10,000 shares of TransAlta stock in a transaction dated Tuesday, August 4th. The shares were bought at an average price of C$17.77 per share, for a total transaction of C$177,700.00. Following the purchase, the insider owned 85,000 shares of the company’s stock, valued at approximately C$1,510,450. This trade represents a 13.33% increase in their ownership of the stock. Insiders own 0.21% of the company’s stock.

TransAlta Company Profile

TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live.