Cormark Weighs in on Boralex Inc.’s FY2024 Earnings (TSE:BLX)

Boralex Inc. (TSE:BLX) – Equities research analysts at Cormark cut their FY2024 earnings estimates for Boralex in a report released on Wednesday, May 1st. Cormark analyst N. Boychuk now expects that the company will post earnings per share of $1.27 for the year, down from their previous forecast of $1.30. The consensus estimate for Boralex’s current full-year earnings is $1.06 per share.

Boralex (TSE:BLX) last released its quarterly earnings results on Friday, March 1st. The company reported C$0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.51 by C($0.15). Boralex had a return on equity of 5.68% and a net margin of 7.63%. The firm had revenue of C$315.00 million during the quarter, compared to analysts’ expectations of C$262.30 million.

Several other equities analysts have also issued reports on the stock. Desjardins cut their price target on shares of Boralex from C$44.00 to C$42.00 and set a “top pick” rating on the stock in a report on Tuesday. BMO Capital Markets upped their price objective on shares of Boralex to C$37.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. Raymond James decreased their price objective on shares of Boralex from C$40.00 to C$38.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. Finally, CIBC decreased their price objective on shares of Boralex from C$40.00 to C$38.00 and set an “outperform” rating for the company in a research report on Friday, April 19th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of C$40.00.

Boralex Price Performance

TSE BLX opened at C$29.89 on Thursday. The firm’s fifty day simple moving average is C$28.25 and its two-hundred day simple moving average is C$29.93. The company has a current ratio of 1.08, a quick ratio of 1.54 and a debt-to-equity ratio of 179.25. Boralex has a 12-month low of C$25.40 and a 12-month high of C$39.99. The firm has a market capitalization of C$3.07 billion, a P/E ratio of 39.07, a P/E/G ratio of 0.94 and a beta of 0.41.

Boralex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were given a $0.165 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $0.66 dividend on an annualized basis and a yield of 2.21%. Boralex’s dividend payout ratio (DPR) is 86.84%.

About Boralex

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.