TransAlta (NYSE:TAC) Given New C$17.00 Price Target at CIBC

TransAlta (NYSE:TAC) (TSE:TA) had its target price lifted by CIBC from C$16.50 to C$17.00 in a research note released on Tuesday morning, The Fly reports.

A number of other brokerages have also issued reports on TAC. Credit Suisse Group cut their price target on shares of TransAlta from C$18.00 to C$17.50 and set an outperform rating on the stock in a research note on Monday, November 1st. ATB Capital reiterated a buy rating and set a C$17.00 price target on shares of TransAlta in a research note on Friday, December 24th. Royal Bank of Canada boosted their price target on shares of TransAlta from C$14.00 to C$17.00 and gave the stock an outperform rating in a research note on Wednesday, November 10th. Scotiabank boosted their price target on shares of TransAlta from C$16.00 to C$16.50 and gave the stock an outperform rating in a research note on Wednesday, November 10th. Finally, National Bank Financial boosted their price target on shares of TransAlta from $13.00 to $14.00 and gave the stock a sector perform rating in a research note on Thursday, November 11th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of $15.90.

Shares of TAC opened at $10.27 on Tuesday. The firm has a market cap of $2.78 billion, a P/E ratio of -5.32 and a beta of 1.17. TransAlta has a 12-month low of $7.96 and a 12-month high of $12.13. The company’s 50-day moving average price is $10.73 and its 200 day moving average price is $10.39. The company has a current ratio of 1.57, a quick ratio of 1.44 and a debt-to-equity ratio of 1.74.

TransAlta (NYSE:TAC) (TSE:TA) last issued its quarterly earnings data on Tuesday, November 9th. The utilities provider reported ($1.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($1.51). The company had revenue of $675.10 million during the quarter. TransAlta had a negative net margin of 23.44% and a positive return on equity of 5.17%. During the same quarter in the prior year, the business posted ($0.37) EPS. Equities research analysts forecast that TransAlta will post -1.43 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 1st. Stockholders of record on Tuesday, March 1st will be given a dividend of $0.039 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Monday, February 28th. TransAlta’s dividend payout ratio is presently -8.29%.

Institutional investors have recently made changes to their positions in the company. Gotham Asset Management LLC acquired a new position in shares of TransAlta during the third quarter worth about $108,000. Boothbay Fund Management LLC acquired a new position in TransAlta in the second quarter valued at approximately $104,000. Dynamic Technology Lab Private Ltd acquired a new position in TransAlta in the third quarter valued at approximately $128,000. Barclays PLC boosted its holdings in TransAlta by 48.1% in the third quarter. Barclays PLC now owns 14,163 shares of the utilities provider’s stock valued at $150,000 after purchasing an additional 4,599 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new position in TransAlta in the second quarter valued at approximately $177,000. 61.59% of the stock is owned by institutional investors and hedge funds.

TransAlta Company Profile

TransAlta Corp. engages in the generation and distribution of electricity through wind, hydro, gas and coal power plants. It operates through the following business segments: Canadian Coal, U.S. Coal, Canadian Gas, Australian Gas, Wind & Solar, Hydro, Energy Marketing and Corporate. The Canadian Coal, U.S.

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