Boralex (TSE:BLX) Downgraded by Raymond James Financial to Market Perform

Raymond James Financial cut shares of Boralex (TSE:BLX) from an outperform rating to a market perform rating in a research note published on Friday morning,BayStreet.CA reports. The brokerage currently has C$37.25 price target on the stock, down from their prior price target of C$38.00.

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

Boralex Trading Up 0.1%

TSE:BLX opened at C$36.86 on Friday. The firm’s fifty day moving average is C$34.37 and its 200-day moving average is C$29.05. The company has a debt-to-equity ratio of 309.98, a quick ratio of 1.54 and a current ratio of 1.24. Boralex has a 52 week low of C$23.48 and a 52 week high of C$36.99. The firm has a market cap of C$3.79 billion, a P/E ratio of 614.33, a P/E/G ratio of 2.01 and a beta of 0.26.

Boralex (TSE:BLX) last posted its quarterly earnings data on Thursday, May 14th. The company reported C($0.08) EPS 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 during the quarter. Equities analysts expect that Boralex will post 1.3383764 earnings per share for the current year.

Boralex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.165 per share. The ex-dividend date is Friday, May 29th. This represents a $0.66 annualized dividend and a yield of 1.8%. Boralex’s dividend payout ratio is presently 1,100.00%.

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.