TransAlta (NYSE:TAC) Stock Rating Lowered by CIBC

CIBC cut shares of TransAlta (NYSE:TAC) (TSE:TA) from a sector outperform rating to a neutral rating in a research note released on Wednesday, MarketBeat Ratings reports.

A number of other research firms have also weighed in on TAC. StockNews.com lowered TransAlta from a “buy” rating to a “hold” rating in a research note on Saturday, January 4th. Scotiabank upgraded TransAlta to a “strong-buy” rating in a research note on Thursday, December 5th. Finally, Desjardins reiterated a “hold” rating on shares of TransAlta in a research note on Wednesday, November 6th.

TransAlta Stock Performance

NYSE:TAC opened at $13.27 on Wednesday. The stock’s fifty day moving average is $12.17 and its 200 day moving average is $9.92. TransAlta has a fifty-two week low of $5.94 and a fifty-two week high of $14.64. The firm has a market capitalization of $3.96 billion, a PE ratio of 35.87 and a beta of 0.84. The company has a debt-to-equity ratio of 2.94, a quick ratio of 0.67 and a current ratio of 0.74.

TransAlta Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Saturday, March 1st will be paid a $0.0423 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.17 dividend on an annualized basis and a yield of 1.28%. TransAlta’s payout ratio is 45.95%.

Hedge Funds Weigh In On TransAlta

A number of hedge funds and other institutional investors have recently made changes to their positions in TAC. Yaupon Capital Management LP grew its position in shares of TransAlta by 69.9% during the 3rd quarter. Yaupon Capital Management LP now owns 2,685,955 shares of the utilities provider’s stock worth $27,840,000 after buying an additional 1,105,191 shares in the last quarter. Rubric Capital Management LP grew its position 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 buying an additional 935,803 shares in the last quarter. Potrero Capital Research LLC bought a new position in shares of TransAlta during the 3rd quarter worth $5,088,000. Clayton Partners LLC grew its position in shares of TransAlta by 2,293.5% during the 2nd quarter. Clayton Partners LLC now owns 458,155 shares of the utilities provider’s stock worth $3,244,000 after buying an additional 439,013 shares in the last quarter. Finally, FMR LLC grew its position in shares of TransAlta by 9.8% during the 3rd quarter. FMR LLC now owns 4,593,023 shares of the utilities provider’s stock worth $47,613,000 after buying an additional 408,184 shares in the last quarter. 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.