TransAlta Stock Price, News & Analysis

TransAlta Corporation (TAC) announced that the Toronto Stock Exchange has approved its notice to implement a normal course issuer bid (NCIB) for repurchasing up to 14 million common shares, about 7.16% of its public float as of May 18, 2021. The buyback period starts on May 31, 2021, and ends on May 30, 2022, or when the shares are fully repurchased. The company previously repurchased over 6 million shares at an average price of $8.664 under a prior NCIB. TransAlta's leadership believes this strategy may enhance long-term shareholder value.

TransAlta reported strong first quarter 2021 results, with comparable EBITDA reaching $310 million, a 41% increase from 2020. Free cash flow rose to $129 million or $0.48 per share, up 23% year-over-year. The Hydro segment excelled with a comparable EBITDA of $77 million, a 96% jump due to the expiration of long-term power purchase agreements. Despite lower adjusted availability at 88.6%, the company maintained a robust liquidity position with access to $2.1 billion. Overall, TransAlta anticipates performance aligning with upper guidance for 2021.

TransAlta Corporation (NYSE: TAC) held its virtual Annual and Special Meeting of Shareholders on May 4, 2021, with 185,645,958 common shares, or 68.79%, represented. Shareholders approved all resolutions including the election of 12 directors, appointment of Ernst & Young LLP as auditors, and the advisory vote on executive compensation, which received 97.25% approval. Additionally, the 2021 Share Unit Plan and amendments to the Stock Option Plan were also approved, with respective votes of 95.81% and 96.34%. TransAlta continues to focus on clean, reliable power generation.

TransAlta Corporation (NYSE: TAC) has announced a long-term Power Purchase Agreement (PPA) with Pembina Pipeline Corporation for 100 MW from the new 130 MW Garden Plain Wind Power Project in Alberta. This 18-year contract ensures Pembina receives renewable electricity and environmental attributes. Total estimated construction costs for the project are approximately $195 million, with construction expected to begin in fall 2021 and a target commercial operation date in the second half of 2022. The remaining 30 MW is being marketed to other customers.

The Board of Directors of TransAlta Corporation (TAC) has declared a quarterly dividend of $0.0450 per common share, payable on July 1, 2021. Shareholders on record by June 1, 2021 will receive this dividend. Additionally, the company declared dividends for its Cumulative Redeemable Rate Reset First Preferred Shares. The Series A, B, C, E, and G preferred shares will pay dividends ranging from $0.13108 to $0.32463 per share, with a payment date of June 30, 2021.

TransAlta Corporation (TSX: TA, NYSE: TAC) and Mangrove Partners Master Fund have reached a confidential settlement regarding a dispute over the Brookfield transaction. As time has passed, Mangrove will not challenge the fairness of the transaction anymore. Due to the confidential nature of the settlement, neither party will provide further comments or respond to media inquiries. TransAlta continues to focus on its diverse power generation portfolio in Canada, the U.S., and Australia, aiming to deliver clean and reliable energy while aligning corporate goals with sustainability.

TransAlta Corporation (NYSE: TAC) will announce its Q1 2021 results before market opening on May 13, 2021. A conference call for investors and analysts is scheduled for the same day at 9:00 AM MT (11:00 AM ET). TransAlta Renewables will release its results on May 12, 2021, and questions can be addressed during the TransAlta conference call. Participants can access the call via a toll-free number or a webcast link. Further details are available on TransAlta's Investor Centre website.

TransAlta Corporation (TAC) filed its notice of meeting and management information circular for its annual and special meeting of shareholders scheduled for May 4, 2021. The meeting will be virtual, and participation requires registered shareholders to hold shares as of March 24, 2021. Key changes include the retirement of board members Richard Legault, Yakout Mansour, and Georgia Nelson, with four new nominees: Laura W. Folse, Thomas O'Flynn, Jim Reid, and Sarah Slusser, bringing significant experience in energy sectors. Shareholders are encouraged to vote early and participate online.

TransAlta Corporation (NYSE: TAC) announced a conversion of its preferred shares, effective March 31, 2021. Specifically, 1,417,338 Series A preferred shares will convert into Series B shares, while 871,871 Series B shares will convert back into Series A shares. Following these conversions, there will be 9,629,913 Series A shares and 2,370,087 Series B shares outstanding. These shares are listed on the Toronto Stock Exchange under symbols TA.PR.D and TA.PR.E, respectively.