The Utilities sector company, TransAlta (TA), has received a rating update from a Wall Street analyst today. National Bank’s analyst Patrick Kenny expressed some doubt about the stock, as it was downgraded to Hold with a C$9 price target.
According to TipRanks.com, Kenny is a 3-star analyst with an average return of 6.9% and a 91.7% success rate. Kenny covers the Basic Materials sector, focusing on stocks such as Inter Pipeline Ltd, Pembina Pipeline, and Enbridge Inc.
Currently, the analyst consensus on TransAlta is a Hold with an average price target of C$9, an 11.9% upside from current levels. In a report released yesterday, CIBC also reiterated a Hold rating on the stock with a C$9 price target.
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Based on TransAlta’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of C$593 million and GAAP net loss of C$76 million. In comparison, last year the company earned revenue of C$638 million and had a GAAP net loss of C$135 million.
TransAlta Corp. engages in the generation and distribution of electricity through wind, hydro, gas and coal power plants. It operates through the following business segments: Canadian Coal, U.S. Coal, Canadian Gas, Australian Gas, Wind & Solar, Hydro, Energy Marketing and Corporate.
The company’s shares closed on Thursday at C$8.04.
