TransAlta (NYSE:TAC) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

TransAlta Corporation (NYSE:TAC) (TSE:TA)’s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $13.11 and traded as high as $14.26. TransAlta shares last traded at $13.9150, with a volume of 920,171 shares changing hands.

Analyst Upgrades and Downgrades

TAC has been the subject of a number of recent research reports. Scotiabank upgraded TransAlta to a “strong-buy” rating in a research report on Wednesday, June 10th. National Bank Financial raised TransAlta from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, March 24th. TD Cowen started coverage on shares of TransAlta in a research report on Wednesday, June 10th. They set a “buy” rating on the stock. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of TransAlta in a research note on Thursday, April 16th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $24.00 price objective on shares of TransAlta in a report on Tuesday, March 24th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.25.

TransAlta Stock Down 2.1%

The stock has a 50 day moving average price of $13.45 and a 200-day moving average price of $13.11. The stock has a market capitalization of $4.40 billion, a P/E ratio of -25.77 and a beta of 0.69. The company has a debt-to-equity ratio of 6.61, a current ratio of 0.76 and a quick ratio of 0.70.

TransAlta (NYSE:TAC) (TSE:TA) last released its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. TransAlta had a positive return on equity of 9.52% and a negative net margin of 9.46%.The firm had revenue of $406.19 million for the quarter, compared to the consensus estimate of $436.36 million. As a group, research analysts expect that TransAlta Corporation will post 0.22 EPS for the current fiscal year.

Institutional Trading of TransAlta

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd bought a new position in shares of TransAlta in the fourth quarter worth approximately $37,000. EverSource Wealth Advisors LLC raised its holdings in TransAlta by 37.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,000 shares of the utilities provider’s stock valued at $38,000 after buying an additional 812 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in TransAlta during the 4th quarter valued at $50,000. Warren Street Wealth Advisors LLC bought a new stake in TransAlta in the 4th quarter worth $129,000. Finally, Ritter Alpha LP purchased a new position in shares of TransAlta in the fourth quarter valued at about $131,000. Institutional investors own 59.00% of the company’s stock.

About TransAlta

TransAlta Corporation, originally founded in 1909 as Calgary Power Company Ltd., is a publicly traded energy company specializing in the development, ownership and operation of power generation and transmission assets. Headquartered in Calgary, Alberta, TransAlta has grown from its early hydroelectric roots into a diversified energy provider with a multi-fuel generating fleet.

The company’s core business activities encompass power generation, asset management and energy trading services.