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

Boralex Inc. (TSE:BLX)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$28.93 and traded as high as C$33.30. Boralex shares last traded at C$32.66, with a volume of 331,978 shares.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BLX. Desjardins set a C$45.00 target price on shares of Boralex and gave the stock a “top pick” rating in a report on Wednesday. National Bankshares dropped their target price on shares of Boralex from C$43.00 to C$42.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. TD Securities upped their target price on shares of Boralex from C$35.00 to C$38.00 and gave the stock a “buy” rating in a report on Wednesday. National Bank Financial raised shares of Boralex to a “strong-buy” rating in a report on Sunday, June 8th. Finally, Raymond James Financial raised shares of Boralex to a “moderate buy” rating in a report on Thursday, May 15th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of C$39.11.

Boralex Price Performance

The firm’s fifty day simple moving average is C$30.87 and its 200 day simple moving average is C$28.93. The firm has a market cap of C$3.40 billion, a P/E ratio of 47.88, a P/E/G ratio of 2.01 and a beta of 0.46. The company has a debt-to-equity ratio of 233.60, a quick ratio of 1.54 and a current ratio of 0.86.

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.