Boralex (TSE:BLX) Shares Cross Above 200-Day Moving Average of $31.09

Boralex Inc. (TSE:BLX) shares crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$31.09 and traded as high as C$34.43. Boralex shares last traded at C$33.51, with a volume of 257,154 shares traded.

Wall Street Analyst Weigh In

BLX has been the topic of a number of recent research reports. Desjardins upped their target price on Boralex from C$44.00 to C$46.00 and gave the stock a “top pick” rating in a research note on Friday, June 21st. BMO Capital Markets raised their price objective on shares of Boralex to C$37.00 and gave the stock an “outperform” rating in a research note on Monday, March 4th. Scotiabank boosted their target price on shares of Boralex from C$38.00 to C$42.00 and gave the company an “outperform” rating in a research note on Wednesday, June 12th. CIBC lifted their price target on Boralex from C$39.00 to C$41.00 and gave the company an “outperform” rating in a research note on Wednesday, June 12th. Finally, Raymond James lowered their price target on Boralex from C$40.00 to C$38.00 and set an “outperform” rating on the stock in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of C$41.22.

Boralex Stock Performance

The company has a market capitalization of C$3.44 billion, a price-to-earnings ratio of 34.19, a price-to-earnings-growth ratio of 0.94 and a beta of 0.41. The company has a current ratio of 1.16, a quick ratio of 1.54 and a debt-to-equity ratio of 172.42. The stock’s fifty day simple moving average is C$32.02 and its 200-day simple moving average is C$31.09.

Boralex (TSE:BLX) last released its quarterly earnings data on Wednesday, May 15th. The company reported C$0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.48 by C$0.05. The business had revenue of C$291.00 million during the quarter, compared to analysts’ expectations of C$296.40 million. Boralex had a return on equity of 6.87% and a net margin of 10.14%. Analysts predict that Boralex Inc. will post 1.0561014 EPS for the current year.

Boralex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, May 31st were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date was Friday, May 31st. Boralex’s dividend payout ratio is currently 67.35%.

Boralex Company Profile

Boralex Inc, together with its subsidiaries, engages in the development, construction, and operation of renewable energy power facilities in Canada, France, the United States, and the United Kingdom. It generates electricity from wind, solar, and hydroelectric resources. As of December 31, 2023, the company operates 100 wind farms; 12 solar energy facilities; 15 hydroelectric power stations; and 2 storage units with an installed capacity of 1,819 megawatts (MW) in North America and 1,259 MW in Europe.