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

Boralex Inc. (TSE:BLX) hit a new 52-week high on Friday . The company traded as high as C$37.22 and last traded at C$37.21, with a volume of 23488 shares traded. The stock had previously closed at C$37.06.

Analyst Ratings Changes

Several analysts have issued reports on BLX shares. Royal Bank Of Canada upped their price objective on 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. Raymond James Financial downgraded 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. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Boralex presently has an average rating of “Moderate Buy” and a consensus price target of C$38.39.

Boralex Price Performance

The company has a quick ratio of 1.53, a current ratio of 1.24 and a debt-to-equity ratio of 309.98. The company’s fifty day moving average price is C$36.97 and its 200 day moving average price is C$33.64. The company has a market capitalization of C$3.82 billion, a P/E ratio of -120.06, a PEG ratio of 2.01 and a beta of 0.22.

Boralex (TSE:BLX) last issued its quarterly earnings results on Thursday, May 14th. The company reported C($0.08) earnings per share (EPS) for the quarter. Boralex had a negative net margin of 3.56% and a negative return on equity of 2.08%. The company had revenue of C$286.00 million during the quarter. As a group, sell-side analysts forecast that Boralex Inc. will post 1.3383764 EPS for the current year.

Boralex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 15th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, May 29th. Boralex’s dividend payout ratio is presently -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.