Boralex (TSE:BLX) Stock Price Up 8.6% After Dividend Announcement

Boralex Inc. (TSE:BLXGet Free Report) traded up 8.6% during trading on Wednesday after the company announced a dividend. The company traded as high as C$32.55 and last traded at C$31.86. 287,007 shares were traded during trading, an increase of 20% from the average session volume of 239,436 shares. The stock had previously closed at C$29.35.

The newly announced dividend which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be paid a $0.165 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.66 annualized dividend and a dividend yield of 2.05%. Boralex’s dividend payout ratio (DPR) is presently 86.84%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. National Bankshares raised their price objective on Boralex from C$39.00 to C$41.00 in a research note on Thursday. Desjardins dropped their price target on shares of Boralex from C$44.00 to C$42.00 and set a “top pick” rating for the company in a research note on Tuesday, April 30th. Raymond James reduced their price objective on shares of Boralex from C$40.00 to C$38.00 and set an “outperform” rating on the stock in a research note on Thursday, April 25th. CIBC boosted their target price on shares of Boralex from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, BMO Capital Markets increased their price target on shares of Boralex to C$37.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of C$40.13.

Read Our Latest Research Report on BLX

Boralex Price Performance

The business’s 50-day simple moving average is C$28.46 and its 200 day simple moving average is C$30.23. The company has a market capitalization of C$3.30 billion, a P/E ratio of 42.26, a P/E/G ratio of 0.94 and a beta of 0.41. The company has a current ratio of 1.08, a quick ratio of 1.54 and a debt-to-equity ratio of 179.25.

Boralex (TSE:BLXGet Free Report) last posted its quarterly earnings data on Friday, March 1st. The company reported C$0.36 EPS for the quarter, missing analysts’ consensus estimates of C$0.51 by C($0.15). Boralex had a return on equity of 5.68% and a net margin of 7.63%. The firm had revenue of C$315.00 million during the quarter, compared to the consensus estimate of C$262.30 million. As a group, sell-side analysts anticipate that Boralex Inc. will post 0.8788592 EPS for the current year.

Boralex Company Profile

(Get Free Report)

Boralex Inc, together with its subsidiaries, engages in the development, construction, and operation of renewable energy power facilities in Canada, France, the United States, and the United Kingdom. It generates electricity from wind, solar, and hydroelectric resources. As of December 31, 2023, the company operates 100 wind farms; 12 solar energy facilities; 15 hydroelectric power stations; and 2 storage units with an installed capacity of 1,819 megawatts (MW) in North America and 1,259 MW in Europe.

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