TransAlta (NYSE:TAC) Shares Up 5.7% – Here’s Why

TransAlta Co. (NYSE:TAC) (TSE:TA) shares traded up 5.7% on Thursday . The company traded as high as $12.39 and last traded at $12.34. 313,180 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 764,892 shares. The stock had previously closed at $11.68.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Desjardins reiterated a “hold” rating on shares of TransAlta in a report on Wednesday, November 6th. StockNews.com downgraded TransAlta from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 6th.

TransAlta Trading Up 5.4 %

The firm has a market cap of $4.02 billion, a P/E ratio of 36.43 and a beta of 0.91. The company has a debt-to-equity ratio of 2.94, a quick ratio of 0.67 and a current ratio of 0.74. The company has a 50 day moving average of $10.62 and a 200 day moving average of $8.85.

TransAlta Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Sunday, December 1st will be given a dividend of $0.044 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.18 dividend on an annualized basis and a yield of 1.31%. TransAlta’s payout ratio is currently 48.65%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Franklin Resources Inc. lifted its holdings in shares of TransAlta by 190.6% during the third quarter. Franklin Resources Inc. now owns 147,669 shares of the utilities provider’s stock worth $1,550,000 after buying an additional 96,856 shares during the last quarter. Barclays PLC raised its stake in shares of TransAlta by 281.5% in the third quarter. Barclays PLC now owns 143,062 shares of the utilities provider’s stock valued at $1,482,000 after purchasing an additional 105,562 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of TransAlta by 2.1% in the third quarter. Geode Capital Management LLC now owns 122,621 shares of the utilities provider’s stock valued at $1,277,000 after purchasing an additional 2,524 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of TransAlta in the third quarter valued at $1,812,000. Finally, Y Intercept Hong Kong Ltd raised its stake in shares of TransAlta by 27.4% in the third quarter. Y Intercept Hong Kong Ltd now owns 29,672 shares of the utilities provider’s stock valued at $307,000 after purchasing an additional 6,385 shares in the last quarter. 59.00% of the stock is currently owned by institutional investors and hedge funds.

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.