Boralex (TSE:BLX) Share Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Boralex's stock price has surged above its 200-day moving average, reaching C$30.83 during trading on Wednesday, with a closing price of C$30.73.
• The company has received multiple analyst ratings, including upgrades from Raymond James to "moderate buy" and National Bank Financial to "strong-buy," with an average target price of C$39.22.
• Boralex specializes in renewable energy, operating a portfolio of facilities that primarily utilize wind and hydroelectric power.

Boralex Inc. (TSE:BLX - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$29.66 and traded as high as C$30.83. Boralex shares last traded at C$30.73, with a volume of 460,380 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BLX shares. BMO Capital Markets decreased their target price on shares of Boralex from C$42.00 to C$39.00 in a research report on Thursday, May 22nd. Scotiabank lowered shares of Boralex from an "outperform" rating to a "sector perform" rating and set a C$36.00 target price on the stock. in a report on Friday, July 18th. National Bankshares boosted their price objective on shares of Boralex from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a report on Thursday, June 19th. Desjardins set a C$45.00 price objective on shares of Boralex and gave the stock a "top pick" rating in a report on Wednesday, June 18th. Finally, National Bank Financial upgraded shares of Boralex to a "strong-buy" rating in a research note on Sunday, June 8th. One analyst has rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of C$39.22.

Boralex Trading Up 0.6%

The company has a current ratio of 0.86, a quick ratio of 1.54 and a debt-to-equity ratio of 233.60. The stock has a market cap of C$3.04 billion, a P/E ratio of 42.78, a PEG ratio of 2.01 and a beta of 0.46. The firm's 50-day simple moving average is C$31.79 and its 200 day simple moving average is C$29.76.

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.