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

TransAlta (NYSE:TAC) (TSE:TA) was upgraded by CIBC from a “neutral” rating to an “outperformer” rating in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a $19.50 target price on the utilities provider’s stock, down from their prior target price of $23.00. CIBC’s target price would indicate a potential upside of 85.80% from the company’s current price.

A number of other equities analysts have also weighed in on the stock. StockNews.com raised shares of TransAlta from a “hold” rating to a “buy” rating in a research report on Tuesday, February 11th. Scotiabank cut shares of TransAlta from a “sector outperform” rating to a “sector perform” rating in a research note on Thursday, January 23rd. Desjardins reissued a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th. Finally, Cibc World Mkts downgraded TransAlta from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 8th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $19.50.

TransAlta Trading Up 0.7 %

TransAlta stock opened at $10.50 on Tuesday. The stock has a market cap of $3.12 billion, a PE ratio of 28.37 and a beta of 0.83. The company has a current ratio of 0.74, a quick ratio of 0.67 and a debt-to-equity ratio of 2.94. The stock has a 50-day moving average price of $12.84 and a 200 day moving average price of $10.92. TransAlta has a 52 week low of $5.94 and a 52 week high of $14.64.

Hedge Funds Weigh In On TransAlta

A number of large investors have recently bought and sold shares of the stock. Tobam purchased a new stake in shares of TransAlta during the 4th quarter valued at $46,000. Financial Management Professionals Inc. acquired a new position in TransAlta in the third quarter valued at $42,000. Quantbot Technologies LP purchased a new stake in TransAlta during the third quarter valued at about $61,000. Ballentine Partners LLC acquired a new stake in TransAlta during the fourth quarter worth about $145,000. Finally, Orion Portfolio Solutions LLC acquired a new stake in TransAlta during the fourth quarter worth about $147,000. Hedge funds and other institutional investors own 59.00% of the company’s stock.

About TransAlta

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.