The stock of TransAlta Corporation (TSE:TA) gapped up by $0.02 today and has $6.38 target or 4.00% above today’s $6.13 share price. The 9 months technical chart setup indicates low risk for the $1.82 billion company. The gap was reported on Nov, 24 by Barchart.com. If the $6.38 price target is reached, the company will be worth $72.80M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.24M shares traded hands or 84.11% up from the average. TransAlta Corporation (TSE:TA) has declined 8.21% since April 20, 2016 and is downtrending. It has underperformed by 13.62% the S&P500.
TransAlta Corporation (TSE:TA) Ratings Coverage
Out of 3 analysts covering TransAlta Corporation (TSE:TA), 0 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 0 are positive. TransAlta Corporation has been the topic of 22 analyst reports since July 23, 2015 according to StockzIntelligence Inc. On Thursday, January 14 the stock rating was maintained by National Bank Canada with “Sector Perform”. The firm earned “Outperform” rating on Monday, September 28 by National Bank Canada. TD Securities upgraded the stock to “Hold” rating in Wednesday, August 26 report. The firm earned “Outperform” rating on Friday, April 29 by RBC Capital Markets. The firm has “Market Perform” rating by BMO Capital Markets given on Monday, August 24. Scotia Capital maintained TransAlta Corporation (TSE:TA) on Thursday, July 23 with “Sector Outperform” rating. As per Thursday, August 11, the company rating was maintained by Scotia Capital. On Friday, January 15 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. The company was upgraded on Tuesday, August 25 by IBC.
Another recent and important TransAlta Corporation (TSE:TA) news was published by Business.Financialpost.com which published an article titled: “TransAlta Corp’s path forward ‘is uncertain at best'” on July 19, 2016.
TransAlta Corporation is a non-regulated electricity generation and energy marketing firm with an aggregate net ownership interest of approximately 8,730 megawatts of generating capacity. The company has a market cap of $1.82 billion. The Firm is engaged in the production and sale of electric energy. It has a 1688.71 P/E ratio. TransAlta is organized into seven divisions: Canadian Coal, U.S.
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