Boralex (TSE:BLX) Reaches New 52-Week High – Time to Buy?

Boralex Inc. (TSE:BLX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$36.87 and last traded at C$36.73, with a volume of 259727 shares trading hands. The stock had previously closed at C$36.75.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Scotiabank decreased their target price on Boralex from C$41.00 to C$39.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 21st. National Bank Financial set a C$39.00 price objective on Boralex and gave the stock an “outperform” rating in a report on Tuesday, March 24th. TD Securities lowered shares of Boralex from a “buy” rating to a “sell” rating and raised their target price for the company from C$32.00 to C$37.25 in a report on Thursday, March 26th. Finally, Canadian Imperial Bank of Commerce decreased their price target on shares of Boralex from C$37.00 to C$36.00 in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Boralex has an average rating of “Moderate Buy” and an average target price of C$38.46.

Boralex Stock Down 0.0%

The company has a current ratio of 1.29, a quick ratio of 1.54 and a debt-to-equity ratio of 323.15. The firm has a market cap of C$3.78 billion, a PE ratio of 612.33, a P/E/G ratio of 2.01 and a beta of 0.04. The business’s 50-day simple moving average is C$31.28 and its 200 day simple moving average is C$28.08.

Boralex (TSE:BLX) last released its quarterly earnings data on Friday, February 27th. The company reported C$0.13 earnings per share (EPS) for the quarter. The firm had revenue of C$258.00 million for the quarter. Boralex had a net margin of 0.84% and a return on equity of 0.45%. As a group, equities research analysts expect that Boralex Inc. will post 1.3383764 earnings per share for the current year.

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.