5 Most Undervalued Renewable Energy Stocks To Buy According To Analysts

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1. TransAlta Corporation (NYSE:TAC)

PE Ratio as of March 21: 3.73

Average Upside Potential as of March 21: 74.30%

Number of Hedge Fund Holders: 19

TransAlta Corporation (NYSE:TAC) is a Canadian company that generates and markets electricity through varied sources, including conventional and renewable ones like hydro, wind, and solar, and the company also offers battery energy storage systems. The company tops our list of most undervalued renewable energy stocks to buy and has a PE ratio of 3.73 as of March 21.

In the fourth quarter of 2023, TransAlta Corporation (NYSE:TAC) announced C$121 million in free cash flow and C$150 million for its 2024 common share repurchase program.

Over the past three months, TransAlta Corporation (NYSE:TAC) has received Buy ratings from 5 Wall Street analysts. As of March 21, the average price target of $11.19 implies an upside of 74.30% to its present levels.

In the fourth quarter of 2023, 19 hedge funds had stakes in TransAlta Corporation’s (NYSE:TAC) stock, and the total stakes of the funds amounted to $131.515 million. In Q4 of 2023, Rubric Capital Management is the top shareholder in the stock and has a position worth $42.76 million.

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Should you invest $1,000 in TransAlta right now?

Before you buy stock in TAC, consider this:

The Insider Monkey Quarterly Newsletter just identified what we believe are the 14 best stocks for investors to buy now… and TAC wasn’t one of them. The 14 stocks that made the cut could produce monster returns in the next few months.

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