TransAlta Corporation (NYSE:TAC) (TSE:TA) declared a quarterly dividend on Wednesday, July 19th, Wall Street Journal reports. Stockholders of record on Friday, September 1st will be given a dividend of 0.0314 per share by the utilities provider on Sunday, October 1st. This represents a $0.13 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Wednesday, August 30th. This is a boost from TransAlta Corporation’s previous quarterly dividend of $0.03.
TransAlta Corporation has decreased its dividend by an average of 40.9% per year over the last three years. TransAlta Corporation has a payout ratio of 177.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect TransAlta Corporation to earn $0.07 per share next year, which means the company may not be able to cover its $0.16 annual dividend with an expected future payout ratio of 228.6%.
TransAlta Corporation (NYSE:TAC) traded up 1.55% on Friday, reaching $6.55. The company had a trading volume of 25,731 shares. The company has a 50-day moving average of $6.18 and a 200 day moving average of $5.72. TransAlta Corporation has a one year low of $3.75 and a one year high of $6.60. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 43.09 and a beta of 0.70.
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TAC has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of TransAlta Corporation from a “hold” rating to a “strong-buy” rating and set a $6.50 price target on the stock in a research report on Saturday, April 15th. TheStreet cut shares of TransAlta Corporation from a “c” rating to a “d+” rating in a research report on Friday, May 5th. Finally, BidaskClub raised shares of TransAlta Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. One analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $6.83.
About TransAlta Corporation
TransAlta Corporation (TransAlta) is a non-regulated electricity generation and energy marketing company with an aggregate net ownership interest of approximately 8,720 megawatts of generating capacity. The Company is engaged in the production and sale of electric energy. It focuses on generating and marketing electricity in Canada, the United States and Western Australia through its diversified portfolio of facilities fuelled by coal, natural gas, diesel, hydro, wind and solar.
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