Boralex (TSE:BLX) Hits New 1-Year High – Here’s Why

Boralex Inc. (TSE:BLX) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$37.18 and last traded at C$37.00, with a volume of 309616 shares trading hands. The stock had previously closed at C$37.00.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Raymond James Financial lowered shares of Boralex from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from C$38.00 to C$37.25 in a research note on Friday, May 15th. TD Securities downgraded shares of Boralex from a “buy” rating to a “sell” rating and boosted their target price for the stock from C$32.00 to C$37.25 in a research report on Thursday, March 26th. Royal Bank Of Canada upped their target price on shares of Boralex from C$33.00 to C$37.25 and gave the stock a “sector perform” rating in a report on Tuesday, May 12th. Finally, National Bank Financial set a C$39.00 price target on shares of Boralex and gave the company an “outperform” rating in a research report on Tuesday, March 24th. One equities research 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. According to MarketBeat, Boralex currently has an average rating of “Moderate Buy” and an average price target of C$38.39.

Boralex Stock Performance

The company’s 50 day moving average price is C$36.86 and its 200-day moving average price is C$31.68. The stock has a market cap of C$3.81 billion, a P/E ratio of -119.52, a price-to-earnings-growth ratio of 2.01 and a beta of 0.18. The company has a debt-to-equity ratio of 309.98, a quick ratio of 1.53 and a current ratio of 1.24.

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

Boralex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 15th were given a dividend of $0.165 per share. The ex-dividend date of this dividend 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.