TLDR
- Potrero trims TransAlta stake after TAC’s rally; shares close at $13.50.
- SEC filing shows Potrero sold 794k TAC shares, but kept a sizable holding.
- TAC up 28.8% YoY as Alberta power prices shift and investors refocus.
- TransAlta posts $238M adjusted EBITDA and $105M free cash flow in Q3.
- Potrero’s cut looks like rebalancing, not a bearish call on TransAlta’s outlook.
TransAlta Corporation saw new attention after Potrero Capital Research reduced its position during the fourth quarter. The stock closed at $13.50 after a modest gain, and the update followed steady performance across recent sessions. Moreover, the filing highlighted a significant adjustment within the fund’s equity mix.
Potrero Cuts Stake Following Strong TAC Gains
Potrero Capital Research reported the sale of 794,400 TransAlta shares in an SEC filing dated February 17, 2026. The trade carried an estimated value of $11.86 million based on the quarter’s average price. The fund’s remaining 1,724,544 shares held a value of $21.80 million at the quarter’s close.
The filing showed that the position shift reduced TransAlta to 7.34% of the fund’s reportable assets. The change also reflected a $12.64 million net decrease after factoring in the price effect. The holding still ranked high within the updated portfolio.
Potrero maintained larger stakes in other names, including TLN at $29.05 million and BlackLine at $20.49 million. It also held substantial positions in Microsoft and Seagate, which remained key parts of its reported structure. The recalibrated mix underscored a new balance within the fund’s strategy.
TransAlta Performance and Recent Market Context
TransAlta shares traded at $13.43 on February 17 and had risen 28.8% over the past year. The performance surpassed the S&P 500 by more than 17% points and continued to draw attention across the energy space. The stock’s advance occurred during a period of shifting Alberta power prices.
The company posted $238 million in adjusted EBITDA in the third quarter, down from $315 million a year earlier. It also generated $105 million in free cash flow while maintaining 92.7% fleet availability. Yet, cash flow from operations increased to $251 million, highlighting steady activity across its platform.
TransAlta continued to operate a diversified power portfolio with hydro, wind, solar, and gas assets across multiple regions. It also advanced a 230 MW data center transmission contract and expanded its transition initiatives. As a result, the company positioned itself to pursue future opportunities across North America and Australia.
Implications of the Stake Reduction
Potrero’s reduction aligned with the stock’s strong rally and appeared consistent with portfolio rebalancing. The fund retained a sizable position, and the move did not signal a shift away from the company’s outlook. Instead, it marked a measured adjustment after a period of notable gains.
TransAlta’s broad mix of assets continued to support reliable revenue channels even amid variable pricing conditions. The company also emphasized execution across key projects, which shaped expectations for future performance. The strategic environment around TransAlta remained driven by operational progress and market trends.
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