Boralex Inc. (TSE:BLX) Receives Consensus Recommendation of "Buy" from Brokerages

Key Points

• Boralex Inc. (TSE:BLX) has received an average stock rating of "Buy" from six research firms, indicating positive analyst sentiment towards the company.
• The average twelve-month price target from analysts for Boralex is C$39.00, with some firms setting targets as high as C$45.00.
• Boralex recently declared a quarterly dividend of $0.165, yielding 2.5%, despite a significantly high dividend payout ratio of -733.33%.

Shares of Boralex Inc. (TSE:BLX - Get Free Report) have been assigned a consensus recommendation of "Buy" from the six brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is C$39.00.

A number of brokerages have recently weighed in on BLX. National Bank Financial raised shares of Boralex to a "strong-buy" rating in a research report on Sunday, June 8th. National Bankshares cut their price target on shares of Boralex from C$43.00 to C$41.00 and set an "outperform" rating on the stock in a research report on Monday, August 11th. TD Securities boosted their price target on shares of Boralex from C$35.00 to C$38.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Desjardins set a C$45.00 price objective on shares of Boralex and gave the stock a "top pick" rating in a research note on Wednesday, June 18th. Finally, Scotiabank cut their price objective on shares of Boralex from C$36.00 to C$35.00 and set a "sector perform" rating for the company in a report on Monday, August 11th.

Boralex Price Performance

Shares of TSE BLX traded up C$0.03 during mid-day trading on Thursday, hitting C$26.98. 1,124,650 shares of the stock were exchanged, compared to its average volume of 339,333. The company has a debt-to-equity ratio of 233.60, a quick ratio of 1.54 and a current ratio of 0.86. The company has a market cap of C$2.77 billion, a P/E ratio of -299.78, a PEG ratio of 2.01 and a beta of 0.40. The stock's fifty day simple moving average is C$29.70 and its two-hundred day simple moving average is C$30.17. Boralex has a twelve month low of C$24.40 and a twelve month high of C$36.63.

Boralex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 15th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, August 29th. Boralex's dividend payout ratio (DPR) is presently -733.33%.

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.