10:29 AM EDT, 05/03/2024 (MT Newswires) -- TransAlta ( TAC ) kept its "outperform" rating and $13 target price after the company posted first-quarter results that slightly beat analyst estimates, National Bank of Canada said on Friday.

TransAlta's ( TAC ) adjusted EBITDA of $328 million exceeded the bank's forecast of $316 million and the Street estimate of $308 million. TransAlta ( TAC ) also reaffirmed its 2024 financial guidance, including adjusted EBITDA of $1.15 billion to $1.3 billion.

National Bank said it continues to expect TransAlta ( TAC ) will continue trading relatively weak pending confirmation of the closing of its Heartland Generation acquisition, as well as the company's overall strategy surrounding the Alberta thermal fleet in light of the new market regulations.

TransAlta's ( TAC ) share price rose 4% to $9.60 at last look.

Price: 9.66, Change: +0.43, Percent Change: +4.66