Boralex (TSE:BLX) Hits New 52-Week High – Still a Buy?

Shares of Boralex Inc. (TSE:BLX) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$36.99 and last traded at C$36.99, with a volume of 248592 shares trading hands. The stock had previously closed at C$36.89.

Analyst Ratings Changes

A number of research firms recently issued reports on BLX. Royal Bank Of Canada upped their target price 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. National Bank Financial set a C$39.00 target price on Boralex and gave the company an “outperform” rating in a research note on Tuesday, March 24th. TD Securities lowered Boralex from a “buy” rating to a “sell” rating and increased their price target for the stock from C$32.00 to C$37.25 in a research note on Thursday, March 26th. Finally, Raymond James Financial lowered Boralex from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from C$38.00 to C$37.25 in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of C$38.39.

Boralex Trading Up 0.2%

The company has a market cap of C$3.80 billion, a PE ratio of -119.29, a price-to-earnings-growth ratio of 2.01 and a beta of 0.26. The business has a 50 day simple moving average of C$35.73 and a two-hundred day simple moving average of C$29.49. The company has a current ratio of 1.24, a quick ratio of 1.54 and a debt-to-equity ratio of 309.98.

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

Boralex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 15th will be given a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, May 29th. Boralex’s dividend payout ratio (DPR) is -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.