Brokers Set Expectations for TransAlta Co.’s Q3 2024 Earnings (NYSE:TAC)

TransAlta Co. (NYSE:TAC) (TSE:TA) – Equities researchers at Atb Cap Markets cut their Q3 2024 earnings per share (EPS) estimates for shares of TransAlta in a report issued on Sunday, May 5th. Atb Cap Markets analyst N. Heywood now anticipates that the utilities provider will post earnings of $0.18 per share for the quarter, down from their previous forecast of $0.26. The consensus estimate for TransAlta’s current full-year earnings is $0.51 per share. Atb Cap Markets also issued estimates for TransAlta’s FY2024 earnings at $0.80 EPS and FY2026 earnings at $0.59 EPS.

Separately, StockNews.com downgraded TransAlta from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 12th.

TransAlta Stock Down 1.4 %

NYSE TAC opened at $7.22 on Wednesday. TransAlta has a twelve month low of $5.94 and a twelve month high of $10.40. The stock has a market cap of $2.22 billion, a PE ratio of 4.66 and a beta of 0.83. The firm has a 50-day simple moving average of $6.55 and a 200 day simple moving average of $7.31. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.82 and a current ratio of 0.91.

TransAlta (NYSE:TAC) (TSE:TA) last released its earnings results on Friday, February 23rd. The utilities provider reported ($0.20) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.30). TransAlta had a net margin of 18.70% and a return on equity of 43.02%. The company had revenue of $624.00 million for the quarter, compared to analyst estimates of $305.79 million. During the same quarter in the previous year, the company earned ($0.45) earnings per share. TransAlta’s revenue for the quarter was down 26.9% compared to the same quarter last year.

TransAlta Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Saturday, June 1st will be issued a dividend of $0.0438 per share. This represents a $0.18 dividend on an annualized basis and a dividend yield of 2.43%. This is an increase from TransAlta’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend is Friday, May 31st. TransAlta’s dividend payout ratio (DPR) is presently 10.97%.

Institutional Trading of TransAlta

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. acquired a new stake in TransAlta during the fourth quarter valued at approximately $33,000. NBC Securities Inc. lifted its position in shares of TransAlta by 156.3% during the 1st quarter. NBC Securities Inc. now owns 4,100 shares of the utilities provider’s stock worth $26,000 after buying an additional 2,500 shares during the period. Janney Montgomery Scott LLC acquired a new stake in TransAlta in the 1st quarter valued at $66,000. Calton & Associates Inc. bought a new stake in TransAlta in the fourth quarter valued at $93,000. Finally, 1832 Asset Management L.P. raised its stake in TransAlta by 50.3% during the fourth quarter. 1832 Asset Management L.P. now owns 11,576 shares of the utilities provider’s stock worth $96,000 after acquiring an additional 3,876 shares in the last quarter. 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.