TransAlta Corporation (NYSE:TAC) is one of the stocks that are grabbing investor focus today: skyrocketing 2.74% or (0.22 points) to $8.26 from its previous close of $8.04. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 150766 contracts so far this session. TAC shares had a relatively better volume day versus average trading capacity of 301.52 thousand shares, but with a 0.28 billion float and a 5.51% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for TAC stock indicates that the average analyst price target is $6.8 per share. This means the stock has a potential decrease of -17.68% from where the TAC share price has been trading recently.
Looking at the current readings for TransAlta Corporation, the two-week RSI stands at 78.52. This figure suggests that TAC stock, for now, is oversold, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current TAC readings is similarly very revealing as it has a stochastic reading of 93.47% at this stage. This figure means that TAC share price today is being oversold.
Technical chart claims that TransAlta Corporation (TAC) would settle between $8.1/share to $8.15/share level. However, if the stock price goes below the $7.99 mark, then the market for TransAlta Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $7.93 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.25. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at RBC Capital Mkts raised their recommendation on shares of TAC from Sector Perform to Outperform in their opinion released on February 10. Credit Suisse analysts bumped their rating on TransAlta Corporation (NYSE:TAC) stock from Neutral to Outperform in a separate flash note issued to investors on January 16. Analysts at TD Securities released an upgrade from Hold to Buy for the stock, in a research note that dated back to March 26.
TAC equity has an average rating of 2.75, with the figure leaning towards a bullish end. 4 analysts who tracked the company were contacted by Reuters. Amongst them, 3 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated TransAlta Corporation (NYSE:TAC) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, TAC stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/E ratio is 0 while for the average stock in the same group, the multiple is 20. TransAlta Corporation current P/B ratio of 1.5 means it is trading at a premium against its industry’s 1.5.
TransAlta Corporation (TAC)’s current-quarter revenues are projected to climb by nearly -13.3% to hit $489360, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 0.7% from $1.89 billion to a noteworthy $1.9 billion. At the other end of the current quarter income statement, TransAlta Corporation is expected to see its adjusted earnings surge by roughly -100% to hit $0 per share. For the fiscal year, TAC’s earnings are projected to climb by roughly -200% to hit $-0.09 per share.