Boralex (TSE:BLX) Stock Price Down 4.5% - Here's What Happened

Key Points

• Boralex Inc. shares dropped 4.5%, closing at C$29.24 after reaching a low of C$29.16, with trading volume down by 88% compared to the average.
• Analysts' ratings are mixed; Desjardins set a price target of C$45, while BMO reduced theirs from C$42 to C$39, leading to a current consensus rating of "Buy" with an average price target of C$39.22.
• Boralex operates renewable energy facilities primarily in wind and hydroelectric power, and holds a market capitalization of C$3.03 billion.

Boralex Inc. (TSE:BLX - Get Free Report)'s share price fell 4.5% during trading on Friday . The stock traded as low as C$29.16 and last traded at C$29.24. 39,333 shares changed hands during trading, a decline of 88% from the average session volume of 322,603 shares. The stock had previously closed at C$30.61.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. BMO Capital Markets cut their target price on shares of Boralex from C$42.00 to C$39.00 in a research note on Thursday, May 22nd. TD Securities upped their price objective 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. National Bank Financial upgraded shares of Boralex to a "strong-buy" rating in a report on Sunday, June 8th. 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, Scotiabank decreased 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. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Boralex currently has an average rating of "Buy" and an average price target of C$38.89.

Boralex Price Performance

The stock has a market capitalization of C$3.09 billion, a PE ratio of 43.50, a P/E/G ratio of 2.01 and a beta of 0.46. The firm's 50 day simple moving average is C$31.75 and its 200 day simple moving average is C$29.78. The company has a debt-to-equity ratio of 233.60, a current ratio of 0.86 and a quick ratio of 1.54.

Boralex Company Profile

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.