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

Boralex Inc. (TSE:BLX) shares passed 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 trading hands.

Analyst Ratings Changes

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

Boralex Stock Performance

The stock has a market cap of C$2.79 billion, a PE ratio of -123.55, a P/E/G ratio of 2.01 and a beta of 0.58. The company has a fifty day moving average price of C$26.10 and a 200 day moving average price of 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 15th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.66 annualized dividend and a yield of 2.4%. Boralex’s dividend payout ratio (DPR) 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.