TransAlta (NYSE:TAC) Upgraded by CIBC to “Outperformer” Rating

CIBC upgraded shares of TransAlta (NYSE:TAC) (TSE:TA) from a neutral rating to an outperformer rating in a report released on Tuesday, Marketbeat reports. CIBC currently has $19.50 price objective on the utilities provider’s stock, down from their prior price objective of $23.00.

TAC has been the topic of several other research reports. Cibc World Mkts downgraded shares of TransAlta from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 8th. Scotiabank lowered TransAlta from a “sector outperform” rating to a “sector perform” rating in a research note on Thursday, January 23rd. StockNews.com upgraded TransAlta from a “hold” rating to a “buy” rating in a research note on Tuesday, February 11th. Finally, Desjardins reaffirmed a “hold” rating on shares of TransAlta in a research report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $19.50.

TransAlta Trading Up 0.5 %

Shares of TAC stock opened at $10.58 on Tuesday. TransAlta has a 12 month low of $5.94 and a 12 month high of $14.64. The company has a market cap of $3.15 billion, a PE ratio of 28.59 and a beta of 0.83. The company has a quick ratio of 0.67, a current ratio of 0.74 and a debt-to-equity ratio of 2.94. The business’s 50 day moving average is $12.84 and its two-hundred day moving average is $10.92.

TransAlta Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Saturday, March 1st will be given a dividend of $0.0423 per share. This represents a $0.17 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, February 28th. TransAlta’s dividend payout ratio is currently 43.24%.

Institutional Investors Weigh In On TransAlta

Institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC lifted its position in shares of TransAlta by 5.4% in the 4th quarter. Signaturefd LLC now owns 27,627 shares of the utilities provider’s stock worth $391,000 after acquiring an additional 1,420 shares during the period. Geode Capital Management LLC raised its stake in shares of TransAlta by 2.1% in the third quarter. Geode Capital Management LLC now owns 122,621 shares of the utilities provider’s stock valued at $1,277,000 after purchasing an additional 2,524 shares in the last quarter. Tobam bought a new position in TransAlta in the fourth quarter worth $46,000. Creative Planning boosted its stake in TransAlta by 6.9% during the third quarter. Creative Planning now owns 53,803 shares of the utilities provider’s stock worth $557,000 after buying an additional 3,492 shares in the last quarter. Finally, Vident Advisory LLC increased its holdings in TransAlta by 5.3% in the 4th quarter. Vident Advisory LLC now owns 69,004 shares of the utilities provider’s stock valued at $976,000 after buying an additional 3,499 shares during the period. 59.00% of the stock is 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.