Boralex (TSE:BLX) Share Price Passes Above 200-Day Moving Average – Here’s Why

Shares of Boralex Inc. (TSE:BLX) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$33.49 and traded as high as C$37.13. Boralex shares last traded at C$37.09, with a volume of 341,419 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BLX. Royal Bank Of Canada boosted 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 lowered shares of Boralex from an “outperform” rating to a “market perform” rating and cut their target price for the stock from C$38.00 to C$37.25 in a research report on Friday, May 15th. 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 presently has an average rating of “Moderate Buy” and an average price target of C$38.39.

Boralex Price Performance

The business’s fifty day simple moving average is C$36.96 and its 200-day simple moving average is C$33.57. The company has a current ratio of 1.24, a quick ratio of 1.53 and a debt-to-equity ratio of 309.98. The firm has a market cap of C$3.81 billion, a P/E ratio of -119.68, a PEG ratio of 2.01 and a beta of 0.22.

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

Boralex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 15th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.66 dividend on an annualized basis and a yield of 1.8%. Boralex’s dividend payout ratio is -212.90%.

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.