Q1 2024 Earnings Estimate for TransAlta Co. (NYSE:TAC) Issued By National Bank Financial

TransAlta Co. (NYSE:TAC) (TSE:TA) – Stock analysts at National Bank Financial issued their Q1 2024 earnings estimates for shares of TransAlta in a report issued on Tuesday, April 23rd. National Bank Financial analyst P. Kenny anticipates that the utilities provider will post earnings per share of $0.12 for the quarter. The consensus estimate for TransAlta’s current full-year earnings is $0.51 per share.

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

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

TransAlta Trading Down 2.9 %

Shares of TransAlta stock opened at $6.63 on Thursday. The stock has a market capitalization of $2.03 billion, a P/E ratio of 3.62 and a beta of 0.83. 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 $6.56 and a 200 day simple moving average of $7.39. TransAlta has a 12-month low of $5.94 and a 12-month high of $10.40.

Institutional Investors Weigh In On TransAlta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. acquired a new stake in TransAlta in the 4th quarter valued at about $33,000. NBC Securities Inc. boosted its stake 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 purchasing an additional 2,500 shares during the last quarter. Calton & Associates Inc. bought a new position in shares of TransAlta in the 4th quarter valued at about $93,000. 1832 Asset Management L.P. boosted its stake 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 purchasing an additional 3,876 shares during the last quarter. Finally, Quantbot Technologies LP boosted its stake 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 purchasing an additional 2,392 shares during the last quarter. Institutional investors and hedge funds 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.