Atb Cap Markets Analysts Raise Earnings Estimates for TransAlta Co. (NYSE:TAC)

TransAlta Co. (NYSE:TAC) (TSE:TA) – Stock analysts at Atb Cap Markets upped their FY2024 earnings estimates for TransAlta in a research note issued on Tuesday, July 23rd. Atb Cap Markets analyst N. Heywood now expects that the utilities provider will post earnings per share of $0.84 for the year, up from their prior forecast of $0.80. The consensus estimate for TransAlta’s current full-year earnings is $0.72 per share.

TransAlta Stock Up 4.0 %

Shares of TransAlta stock opened at $7.24 on Thursday. TransAlta has a 52-week low of $5.94 and a 52-week high of $10.40. The company has a debt-to-equity ratio of 2.95, a quick ratio of 0.62 and a current ratio of 0.69. The business’s 50 day simple moving average is $7.10 and its 200 day simple moving average is $6.95. The firm has a market cap of $2.19 billion, a PE ratio of 4.67 and a beta of 0.89.

TransAlta (NYSE:TAC) (TSE:TA) last posted its earnings results on Friday, May 3rd. The utilities provider reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.40. The firm had revenue of $702.47 million for the quarter. TransAlta had a return on equity of 45.47% and a net margin of 18.70%.

Hedge Funds Weigh In On TransAlta

A number of hedge funds and other institutional investors have recently bought and sold shares of TAC. NBC Securities Inc. boosted its stake in shares of TransAlta by 156.3% during the 1st quarter. NBC Securities Inc. now owns 4,100 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 2,500 shares during the period. Blue Trust Inc. lifted its holdings in TransAlta by 1,381.5% during the 2nd quarter. Blue Trust Inc. now owns 4,237 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 3,951 shares during the last quarter. PNC Financial Services Group Inc. bought a new position in TransAlta during the fourth quarter worth $33,000. Mather Group LLC. acquired a new position in shares of TransAlta in the second quarter valued at $64,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of TransAlta in the first quarter valued at $66,000. Institutional investors own 59.00% of the company’s stock.

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.