TransAlta (NYSE:TAC) Raised to Strong-Buy at Scotiabank

TransAlta (NYSE:TAC) (TSE:TA) was upgraded by equities researchers at Scotiabank to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other research analysts also recently commented on the stock. StockNews.com downgraded shares of TransAlta from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 6th. Desjardins reissued a “hold” rating on shares of TransAlta in a research report on Wednesday, November 6th.

TransAlta Stock Up 5.4 %

NYSE:TAC opened at $13.48 on Thursday. The company has a debt-to-equity ratio of 2.94, a current ratio of 0.74 and a quick ratio of 0.67. The firm has a market cap of $4.02 billion, a PE ratio of 36.43 and a beta of 0.91. The company has a 50-day moving average of $10.62 and a 200 day moving average of $8.85. TransAlta has a 1-year low of $5.94 and a 1-year high of $13.53.

Hedge Funds Weigh In On TransAlta

Several institutional investors and hedge funds have recently added to or reduced their stakes in TAC. Yaupon Capital Management LP grew its stake in 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 last quarter. Rubric Capital Management LP boosted its holdings in TransAlta by 20.0% in the third 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. Potrero Capital Research LLC acquired a new stake in TransAlta in the third quarter worth about $5,088,000. Clayton Partners LLC boosted its holdings in TransAlta by 2,293.5% in the second quarter. Clayton Partners LLC now owns 458,155 shares of the utilities provider’s stock worth $3,244,000 after acquiring an additional 439,013 shares in the last quarter. Finally, FMR LLC boosted its holdings in TransAlta by 9.8% in the third quarter. FMR LLC now owns 4,593,023 shares of the utilities provider’s stock worth $47,613,000 after acquiring an additional 408,184 shares in the last quarter. Hedge funds and other institutional investors own 59.00% of the company’s stock.

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.