TransAlta (NYSE:TAC) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of TransAlta (NYSE:TAC) (TSE:TA) from a buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “TransAlta is Canada’s largest non-regulated electric generation and marketing company. “

TAC has been the subject of a number of other reports. National Bank Financial boosted their price objective on TransAlta from C$12.00 to C$13.00 and gave the stock a sector perform rating in a research report on Thursday, August 12th. CIBC boosted their price objective on TransAlta from C$15.00 to C$16.00 and gave the stock an outperform rating in a research report on Wednesday, September 29th. TD Securities boosted their price objective on TransAlta from C$15.00 to C$15.50 and gave the stock a buy rating in a research report on Wednesday, August 11th. Finally, BMO Capital Markets boosted their price objective on TransAlta from C$14.50 to C$15.50 and gave the stock an outperform rating in a research report on Wednesday, August 11th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Buy and an average target price of $14.81.

Shares of NYSE:TAC opened at $11.15 on Wednesday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.77 and a quick ratio of 1.58. The firm has a market capitalization of $3.02 billion, a PE ratio of -11.61 and a beta of 1.26. The firm’s 50-day moving average is $10.19 and its two-hundred day moving average is $9.88. TransAlta has a 1 year low of $5.89 and a 1 year high of $11.26.

TransAlta (NYSE:TAC) (TSE:TA) last issued its quarterly earnings results on Monday, August 9th. The utilities provider reported $0.05 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.05. The company had revenue of $503.91 million for the quarter. TransAlta had a negative net margin of 12.87% and a negative return on equity of 5.48%. Analysts expect that TransAlta will post 0.26 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Saturday, January 1st. Stockholders of record on Wednesday, December 1st will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend is Tuesday, November 30th. This is a boost from TransAlta’s previous quarterly dividend of $0.04. TransAlta’s dividend payout ratio is -36.84%.

Institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new stake in shares of TransAlta during the first quarter worth approximately $96,000. Boothbay Fund Management LLC purchased a new stake in shares of TransAlta during the second quarter worth approximately $104,000. Paloma Partners Management Co purchased a new stake in shares of TransAlta during the second quarter worth approximately $177,000. Parametric Portfolio Associates LLC raised its stake in shares of TransAlta by 37.3% during the second quarter. Parametric Portfolio Associates LLC now owns 22,485 shares of the utilities provider’s stock worth $224,000 after purchasing an additional 6,105 shares during the last quarter. Finally, Versor Investments LP purchased a new stake in shares of TransAlta during the second quarter worth approximately $279,000. Institutional investors and hedge funds own 60.28% of the company’s stock.

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.

Featured Article: Why Invest in Dividend Kings

Get a free copy of the Zacks research report on TransAlta (TAC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for TransAlta (NYSE:TAC)

Receive News & Ratings for TransAlta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TransAlta and related companies with MarketBeat.com's FREE daily email newsletter.