Boralex (TSE:BLX) Rating Increased to Strong-Buy at Cibc World Mkts

Cibc World Mkts upgraded shares of Boralex (TSE:BLX) to a strong-buy rating in a report released on Monday, Zacks.com reports.

Several other analysts have also issued reports on the company. Scotiabank upped their target price on Boralex from C$38.00 to C$42.00 and gave the stock an outperform rating in a research note on Wednesday, June 12th. CIBC upped their target price on Boralex from C$41.00 to C$42.00 and gave the stock an outperform rating in a research note on Monday. Desjardins upped their target price on Boralex from C$44.00 to C$46.00 and gave the stock a top pick rating in a research note on Friday, June 21st. Raymond James cut their target price on Boralex from C$40.00 to C$38.00 and set an outperform rating for the company in a research note on Thursday, April 25th. Finally, National Bankshares increased their price objective on Boralex from C$43.00 to C$46.00 in a research note on Monday, July 8th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Buy and an average target price of C$41.67.

Boralex Stock Up 0.4 %

BLX stock opened at C$32.87 on Monday. The company has a current ratio of 1.16, a quick ratio of 1.54 and a debt-to-equity ratio of 172.42. The company’s 50 day moving average is C$33.83 and its 200 day moving average is C$31.16. The stock has a market cap of C$3.38 billion, a price-to-earnings ratio of 33.54, a price-to-earnings-growth ratio of 0.94 and a beta of 0.41. Boralex has a 1-year low of C$25.40 and a 1-year high of C$36.68.

Boralex (TSE:BLX) last issued its earnings results on Wednesday, May 15th. The company reported C$0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.48 by C$0.05. The business had revenue of C$291.00 million during the quarter, compared to analyst estimates of C$296.40 million. Boralex had a return on equity of 6.87% and a net margin of 10.14%. Sell-side analysts predict that Boralex will post 1.0561014 EPS for the current fiscal year.

Boralex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend was Friday, May 31st. Boralex’s dividend payout ratio (DPR) is presently 67.35%.

About Boralex

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.