Q1 2024 EPS Estimates for TransAlta Co. (NYSE:TAC) Boosted by Analyst

TransAlta Co. (NYSE:TAC) (TSE:TA) – Investment analysts at Atb Cap Markets boosted their Q1 2024 earnings estimates for shares of TransAlta in a report released on Tuesday, April 23rd. Atb Cap Markets analyst N. Heywood now expects that the utilities provider will post earnings of $0.14 per share for the quarter, up from their previous forecast of $0.10. The consensus estimate for TransAlta’s current full-year earnings is $0.50 per share. Atb Cap Markets also issued estimates for TransAlta’s FY2024 earnings at $0.55 EPS.

Separately, StockNews.com cut shares of TransAlta from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 12th.

TransAlta Price Performance

Shares of TransAlta stock opened at $6.62 on Thursday. TransAlta has a twelve month low of $5.94 and a twelve month high of $10.40. The company has a quick ratio of 0.82, a current ratio of 0.91 and a debt-to-equity ratio of 4.06. The company has a 50-day simple moving average of $6.57 and a two-hundred day simple moving average of $7.41. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of 3.62 and a beta of 0.83.

TransAlta (NYSE:TAC) (TSE:TA) last issued its quarterly earnings data on Friday, February 23rd. The utilities provider reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.30). TransAlta had a return on equity of 48.42% and a net margin of 20.05%. The business had revenue of $624.00 million during the quarter, compared to analyst estimates of $305.79 million. During the same quarter last year, the firm earned ($0.45) EPS. TransAlta’s revenue for the quarter was down 26.9% compared to the same quarter last year.

Hedge Funds Weigh In On TransAlta

Hedge funds and other institutional investors have recently made changes to their positions in the company. NBC Securities Inc. raised its position in shares of TransAlta by 156.3% in the 1st quarter. NBC Securities Inc. now owns 4,100 shares of the utilities provider’s stock valued at $26,000 after buying an additional 2,500 shares in the last quarter. PNC Financial Services Group Inc. acquired a new position in shares of TransAlta in the 4th quarter valued at approximately $33,000. Calton & Associates Inc. acquired a new position in shares of TransAlta in the 4th quarter valued at approximately $93,000. 1832 Asset Management L.P. raised its position in shares of TransAlta by 50.3% in the 4th quarter. 1832 Asset Management L.P. now owns 11,576 shares of the utilities provider’s stock valued at $96,000 after buying an additional 3,876 shares in the last quarter. Finally, Quantbot Technologies LP raised its position in shares of TransAlta by 25.7% in the 3rd quarter. Quantbot Technologies LP now owns 11,712 shares of the utilities provider’s stock valued at $102,000 after buying an additional 2,392 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.