Boralex (TSE:BLX) Reaches New 52-Week High – Here’s Why

Boralex Inc. (TSE:BLX) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$37.04 and last traded at C$36.95, with a volume of 627096 shares changing hands. The stock had previously closed at C$36.90.

Wall Street Analysts Forecast Growth

BLX has been the topic of a number of recent analyst reports. Raymond James Financial lowered Boralex from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from C$38.00 to C$37.25 in a research note on Friday, May 15th. Royal Bank Of Canada boosted their target price on shares of Boralex from C$33.00 to C$37.25 and gave the company a “sector perform” rating in a research note on Tuesday, May 12th. TD Securities cut shares of Boralex from a “buy” rating to a “sell” rating and upped their price target for the stock from C$32.00 to C$37.25 in a report on Thursday, March 26th. Finally, National Bank Financial set a C$39.00 price target on shares of Boralex and gave the stock an “outperform” rating in a research note on Tuesday, March 24th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$38.39.

Boralex Stock Up 0.1%

The company has a debt-to-equity ratio of 309.98, a current ratio of 1.24 and a quick ratio of 1.53. The stock has a market cap of C$3.80 billion, a PE ratio of -119.19, a price-to-earnings-growth ratio of 2.01 and a beta of 0.18. The business has a fifty day moving average of C$36.82 and a 200-day moving average of C$30.94.

Boralex (TSE:BLX) last released its quarterly earnings data on Thursday, May 14th. The company reported C($0.08) EPS for the quarter. The firm had revenue of C$286.00 million for the quarter. Boralex had a negative return on equity of 2.08% and a negative net margin of 3.56%. Equities research analysts anticipate that Boralex Inc. will post 1.3383764 earnings per share for the current year.

Boralex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 15th were paid a dividend of $0.165 per share. The ex-dividend date was Friday, May 29th. This represents a $0.66 annualized dividend and a dividend yield of 1.8%. Boralex’s dividend payout ratio (DPR) is currently -212.90%.

Boralex Company Profile

Boralex Inc is an electric utility company involved in the development, construction, and operation of renewable energy power facilities. The company controls a portfolio of electricity producing plants that utilize wind, hydroelectric, thermal, and solar fuel sources. Most of Boralex’s plants rely on wind power, while a significant number also employ hydroelectric power. The company generates the vast majority of its revenue from the sale of energy through long-term contracts to customers in Canada, France, and the United States.