Boralex (TSE:BLX) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Boralex Inc. (TSE:BLX)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$26.96 and traded as high as C$27.37. Boralex shares last traded at C$27.18, with a volume of 488,710 shares.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BLX. Royal Bank Of Canada lowered their target price on shares of Boralex from C$38.00 to C$36.00 in a report on Monday, November 10th. Canadian Imperial Bank of Commerce lowered their price objective on Boralex from C$37.00 to C$36.00 in a research note on Wednesday, January 21st. Desjardins dropped their target price on Boralex from C$45.00 to C$43.00 and set a “top pick” rating on the stock in a report on Tuesday, October 28th. Finally, Scotiabank reduced their price target on Boralex from C$41.00 to C$39.00 and set an “outperform” rating for the company in a report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of C$38.88.

Boralex Price Performance

The stock has a market capitalization of C$2.79 billion, a PE ratio of -123.55, a PEG ratio of 2.01 and a beta of 0.58. The firm’s fifty day moving average price is C$26.10 and its two-hundred day moving average price is C$26.96. The company has a quick ratio of 1.54, a current ratio of 0.86 and a debt-to-equity ratio of 233.60.

Boralex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 15th were paid a dividend of $0.165 per share. The ex-dividend date was Friday, November 28th. This represents a $0.66 dividend on an annualized basis and a yield of 2.4%. Boralex’s payout ratio is currently -300.00%.

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.