CenterBook Partners LP Makes New Investment in TransAlta Corporation $TAC

CenterBook Partners LP bought a new position in TransAlta Corporation (NYSE:TAC – Free Report) (TSE:TA) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 362,410 shares of the utilities provider’s stock, valued at approximately $4,378,000.

Other hedge funds have also added to or reduced their stakes in the company. Jupiter Topco LLC purchased a new stake in shares of TransAlta in the second quarter worth $1,434,000. Bank of America Corp DE bought a new position in shares of TransAlta during the second quarter valued at $123,434,000. The Manufacturers Life Insurance Company bought a new position in shares of TransAlta during the second quarter valued at $4,015,000. BlackRock Inc. purchased a new position in shares of TransAlta in the 2nd quarter worth about $2,854,000. Finally, Polar Asset Management Partners Inc. purchased a new position in shares of TransAlta in the 2nd quarter worth about $3,453,000. 59.00% of the stock is owned by institutional investors.

TransAlta Stock Down 0.8%

TAC stock opened at $13.02 on Friday. TransAlta Corporation has a 1-year low of $11.38 and a 1-year high of $15.98. The business has a fifty day moving average price of $12.47 and a 200-day moving average price of $12.95. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.87 and a quick ratio of 0.77. The stock has a market capitalization of $4.12 billion, a P/E ratio of 118.34 and a beta of 0.73.

TransAlta (NYSE:TAC – Get Free Report) (TSE:TA) last announced its quarterly earnings results on Tuesday, November 3rd. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.08. TransAlta had a return on equity of 14.75% and a net margin of 2.24%. The firm had revenue of $376.43 million for the quarter, compared to the consensus estimate of $366.40 million. Equities analysts forecast that TransAlta Corporation will post 0.28 earnings per share for the current fiscal year.

TransAlta Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 1st. Shareholders of record on Tuesday, December 1st will be given a C$0.07 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.28 dividend on an annualized basis and a yield of 2.2%. TransAlta’s payout ratio is 181.82%.

Wall Street Analyst Weigh In

TAC has been the topic of a number of analyst reports. BMO Capital Markets reiterated an “outperform” rating on shares of TransAlta in a research note on Monday, August 3rd. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of TransAlta in a report on Friday, July 17th. Weiss Ratings upgraded shares of TransAlta from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Finally, Zacks Research upgraded shares of TransAlta from a “hold” rating to a “strong-buy” rating in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $24.50.

Get Our Latest Stock Analysis on TAC

About TransAlta

(Free Report)

TransAlta Corporation is a Canada-based power generation and wholesale marketing company headquartered in Calgary, Alberta. The company develops, owns and operates a diversified portfolio of electricity-generating facilities, including hydroelectric, wind, solar, natural gas and coal-fired power assets.

TransAlta supplies electricity to utilities, commercial and industrial customers, and wholesale markets. Its activities include power generation, energy marketing, asset management and the development of renewable energy projects.

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