Boralex (TSE:BLX) Cut to “Market Perform” at Raymond James Financial

Boralex (TSE:BLX) was downgraded by equities researchers at Raymond James Financial from an “outperform” rating to a “market perform” rating in a report issued on Friday,BayStreet.CA reports. They presently have a C$37.25 price objective on the stock, down from their prior price objective of C$38.00. Raymond James Financial’s price target would indicate a potential upside of 1.11% from the stock’s current price.

Several other research firms have also recently weighed in on BLX. Royal Bank Of Canada increased 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. Scotiabank reduced their target price on shares of Boralex from C$41.00 to C$39.00 and set an “outperform” rating for the company in a research note on Wednesday, January 21st. TD Securities cut shares of Boralex from a “buy” rating to a “sell” rating and increased their target price for the company from C$32.00 to C$37.25 in a research note on Thursday, March 26th. National Bank Financial set a C$39.00 target price on shares of Boralex and gave the company an “outperform” rating in a research note on Tuesday, March 24th. Finally, Canadian Imperial Bank of Commerce reduced their target price on shares of Boralex from C$37.00 to C$36.00 in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$38.47.

Boralex Stock Performance

Shares of TSE BLX traded up C$0.02 during mid-day trading on Friday, hitting C$36.84. The company had a trading volume of 479,217 shares, compared to its average volume of 740,136. The company has a debt-to-equity ratio of 323.15, a current ratio of 1.29 and a quick ratio of 1.54. The business’s 50-day simple moving average is C$34.18 and its 200-day simple moving average is C$28.99. Boralex has a 12 month low of C$23.48 and a 12 month high of C$36.99. The firm has a market cap of C$3.79 billion, a P/E ratio of 614.00, a PEG ratio of 2.01 and a beta of 0.26.

Boralex (TSE:BLX) last released its earnings results on Thursday, May 14th. The company reported C($0.08) earnings per share for the quarter. Boralex had a net margin of 0.84% and a return on equity of 0.45%. The company had revenue of C$286.00 million during the quarter. As a group, analysts predict that Boralex will post 1.3383764 earnings per share for the current fiscal year.

About Boralex

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.