On February 17, 2026, Potrero Capital Research disclosed in an SEC filing that it sold 794,400 shares of TransAlta (TAC +0.16%) in the fourth quarter, an estimated $11.86 million trade based on quarterly average pricing.
What happened
According to a SEC filing published February 17, 2026, Potrero Capital Research sold 794,400 shares of TransAlta during the fourth quarter. The estimated transaction value was $11.86 million, calculated using the average closing price for the period. After the trade, the fund’s position in TransAlta stood at 1,724,544 shares, worth $21.80 million at quarter-end. The net position change, including any price effect, was a decrease of $12.64 million.
What else to know
- This sale reduced TransAlta to 7.34% of Potrero Capital’s reportable equity AUM.
- Top holdings after the filing:
- NASDAQ: TLN: $29.05 million (9.8% of AUM)
- NYSE: TAC: $21.80 million (7.3% of AUM)
- NASDAQ: BL: $20.49 million (6.9% of AUM)
- NASDAQ: MSFT: $18.71 million (6.3% of AUM)
- NASDAQ: STX: $16.96 million (5.7% of AUM)
- As of February 17, 2026, TAC shares were priced at $13.43, up 28.8% over the prior year and outperforming the S&P 500 by 17.72 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $3.98 billion |
| Revenue (TTM) | $1.82 billion |
| Net income (TTM) | ($103.25 million) |
| Price (as of market close February 17, 2026) | $13.43 |
Company snapshot
- TransAlta produces and sells electricity through hydro, wind, solar, gas, and energy transition assets, with additional revenue from energy trading and related mining and pipeline operations
- The company operates an independent power producer model, generating income by selling electricity and energy-related commodities to wholesale and utility markets
- It serves municipalities, industrial businesses, utilities, and large commercial customers across Canada, the United States, and Australia
TransAlta is a leading independent power producer with a diversified generation portfolio across North America and Australia. The company leverages a broad mix of hydro, wind, solar, and gas assets to provide reliable energy solutions and capitalize on energy transition trends. Its scale and operational diversity position it to serve a wide range of customers and adapt to evolving market demands.
What this transaction means for investors
TransAlta shares have climbed nearly 29% over the past year, decisively beating the S&P 500 even as the company navigates softer Alberta power prices. In the third quarter, it generated $238 million in adjusted EBITDA, down from $315 million one year prior, and $105 million in free cash flow, with availability at 92.7%. Cash flow from operations, however, ticked up to $251 million, underscoring that this remains a functioning power platform, not just a commodity trade.
So, trimming the position after that run looks like it could be less like a bearish call and more like risk management. The stake still represents 7.34% of assets, making it a top holding alongside BlackLine and Microsoft. In other words, this is not an abandonment of the thesis, but a recalibration after outperformance.
For long-term investors, the bigger question is execution. Management is advancing a 230 MW data center transmission contract and progressing energy transition initiatives. If those projects scale and power markets stabilize, TransAlta’s diversified hydro, wind, gas, and transition portfolio could justify patience.
