Boralex (TSE:BLX) Stock Crosses Above 200 Day Moving Average – Here’s Why

Boralex Inc. (TSE:BLX) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$26.71 and traded as high as C$28.81. Boralex shares last traded at C$28.79, with a volume of 519,394 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Canadian Imperial Bank of Commerce decreased their price objective on Boralex from C$37.00 to C$36.00 in a report on Wednesday, January 21st. Scotiabank reduced 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 report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat, Boralex has a consensus rating of “Buy” and an average target price of C$38.86.

Boralex Trading Up 4.0%

The stock’s fifty day simple moving average is C$26.70 and its 200 day simple moving average is C$26.71. The company has a quick ratio of 1.54, a current ratio of 1.29 and a debt-to-equity ratio of 323.15. The firm has a market capitalization of C$2.96 billion, a PE ratio of 479.83, a PEG ratio of 2.01 and a beta of 0.73.

Boralex (TSE:BLX) last posted its quarterly earnings results on Friday, February 27th. The company reported C$0.13 earnings per share for the quarter. The business had revenue of C$258.00 million during the quarter. Boralex had a net margin of 0.84% and a return on equity of 0.45%. On average, sell-side analysts predict that Boralex Inc. will post 1.3383764 earnings per share for the current year.

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.