Boralex (TSE:BLX) Sets New 1-Year High Following Earnings Beat

Boralex Inc. (TSE:BLXGet Rating) reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as C$47.19 and last traded at C$45.78, with a volume of 42344 shares trading hands. The stock had previously closed at C$46.84.

The company reported C$0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.08 by C$0.02. The business had revenue of C$168.00 million for the quarter, compared to analyst estimates of C$176.80 million.

Boralex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 16th. Shareholders of record on Friday, September 16th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Tuesday, August 30th. Boralex’s payout ratio is currently 212.90%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BLX. TD Securities lifted their target price on shares of Boralex from C$50.00 to C$55.00 and gave the stock a “buy” rating in a research report on Thursday. CSFB cut shares of Boralex from an “outperform” rating to a “neutral” rating in a research report on Monday, July 11th. National Bankshares boosted their price objective on shares of Boralex from C$47.00 to C$50.00 and gave the company an “outperform” rating in a research report on Thursday. Raymond James boosted their price objective on shares of Boralex from C$51.00 to C$52.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Credit Suisse Group lowered shares of Boralex to a “hold” rating and set a C$46.00 price objective for the company. in a research report on Monday, July 11th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$48.00.

Boralex Stock Up 4.2 %

The company has a debt-to-equity ratio of 288.00, a current ratio of 1.10 and a quick ratio of 0.97. The firm’s 50-day moving average is C$42.83 and its 200 day moving average is C$39.06. The stock has a market cap of C$4.98 billion and a price-to-earnings ratio of 156.35.

About Boralex

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Boralex Inc, together with its subsidiaries, engages in the development, construction, and operation of renewable energy power facilities primarily in Canada, France, and the United States. As of December 31, 2021, the company had interests in 90 wind power stations with an installed capacity of 2,032 megawatts (MW); 16 hydroelectric power stations with a capacity of 181 MW; 12 solar power stations with an installed capacity of 244 MW; and one thermal power station with an installed capacity of 35 MW.

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