TransAlta (NYSE:TAC) Lowered to Hold Rating by StockNews.com

StockNews.com lowered shares of TransAlta (NYSE:TAC) (TSE:TA) from a buy rating to a hold rating in a research report sent to investors on Thursday.

A number of other brokerages also recently weighed in on TAC. Desjardins reiterated a “hold” rating on shares of TransAlta in a report on Wednesday, November 6th. Scotiabank upgraded shares of TransAlta to a “strong-buy” rating in a research note on Thursday, December 5th.

TransAlta Stock Down 0.4 %

Shares of TransAlta stock opened at $13.91 on Thursday. TransAlta has a 12-month low of $5.94 and a 12-month high of $14.64. The firm has a market capitalization of $4.15 billion, a PE ratio of 37.60 and a beta of 0.91. 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 stock’s fifty day moving average is $11.18 and its 200-day moving average is $9.25.

TransAlta Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Saturday, March 1st will be paid a dividend of $0.0423 per share. The ex-dividend date is Friday, February 28th. This represents a $0.17 annualized dividend and a dividend yield of 1.22%. TransAlta’s dividend payout ratio (DPR) is 45.95%.

Hedge Funds Weigh In On TransAlta

Several institutional investors have recently bought and sold shares of the stock. Rubric Capital Management LP boosted its stake in shares of TransAlta by 20.0% during the 3rd quarter. Rubric Capital Management LP now owns 5,622,961 shares of the utilities provider’s stock worth $58,254,000 after acquiring an additional 935,803 shares in the last quarter. FMR LLC boosted its position in TransAlta by 9.8% during the third quarter. FMR LLC now owns 4,593,023 shares of the utilities provider’s stock worth $47,613,000 after purchasing an additional 408,184 shares during the period. National Bank of Canada FI grew its holdings in TransAlta by 9.0% during the second quarter. National Bank of Canada FI now owns 3,618,296 shares of the utilities provider’s stock valued at $25,267,000 after purchasing an additional 299,594 shares during the last quarter. Yaupon Capital Management LP raised its position in shares of TransAlta by 69.9% in the third quarter. Yaupon Capital Management LP now owns 2,685,955 shares of the utilities provider’s stock valued at $27,840,000 after purchasing an additional 1,105,191 shares during the period. Finally, Intact Investment Management Inc. lifted its stake in shares of TransAlta by 5.6% in the second quarter. Intact Investment Management Inc. now owns 1,912,250 shares of the utilities provider’s stock worth $13,557,000 after buying an additional 101,200 shares during the last quarter. 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.