Scotiabank Downgrades TransAlta (NYSE:TAC) to Sector Perform

Scotiabank cut shares of TransAlta (NYSE:TAC) (TSE:TA) from a sector outperform rating to a sector perform rating in a research report released on Thursday, Marketbeat.com reports.

Several other analysts have also issued reports on the company. CIBC lowered TransAlta from a “sector outperform” rating to a “neutral” rating in a research note on Wednesday, January 8th. StockNews.com downgraded shares of TransAlta from a “buy” rating to a “hold” rating in a report on Saturday, January 4th. Desjardins reiterated a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th. Finally, Cibc World Mkts cut shares of TransAlta from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 8th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat, TransAlta presently has an average rating of “Hold”.

TransAlta Stock Down 2.6 %

TransAlta stock opened at $13.43 on Thursday. 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 company has a market capitalization of $3.99 billion, a P/E ratio of 36.28 and a beta of 0.84. The firm has a 50 day moving average price of $12.89 and a 200-day moving average price of $10.41. TransAlta has a twelve month low of $5.94 and a twelve month high of $14.64.

TransAlta Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Saturday, March 1st will be issued a dividend of $0.0423 per share. This represents a $0.17 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend is Friday, February 28th. TransAlta’s payout ratio is presently 48.65%.

Hedge Funds Weigh In On TransAlta

A number of large investors have recently modified their holdings of TAC. Financial Management Professionals Inc. purchased a new stake in TransAlta in the 3rd quarter worth approximately $42,000. Quantbot Technologies LP bought a new position in shares of TransAlta in the third quarter worth $61,000. Evergreen Capital Management LLC purchased a new stake in shares of TransAlta in the second quarter worth $72,000. Entropy Technologies LP bought a new stake in TransAlta during the third quarter valued at $130,000. Finally, Ballentine Partners LLC purchased a new position in TransAlta during the fourth quarter worth about $145,000. 59.00% of the stock is currently owned by institutional investors.

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.