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.

Shares of Boralex Inc. (TSE:BLX - Get Free Report) were down 4.5% during trading on Friday . The company traded as low as C$29.16 and last traded at C$29.24. Approximately 39,333 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 322,603 shares. The stock had previously closed at C$30.61.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BLX shares. National Bank Financial upgraded shares of Boralex to a "strong-buy" rating in a research note on Sunday, June 8th. National Bankshares lifted their price objective on shares of Boralex from C$42.00 to C$43.00 and gave the stock an "outperform" rating in a research note on Thursday, June 19th. Raymond James Financial raised shares of Boralex to a "moderate buy" rating in a report on Thursday, May 15th. Desjardins set a C$45.00 target price on shares of Boralex and gave the stock a "top pick" rating in a report on Wednesday, June 18th. Finally, BMO Capital Markets dropped their price target on shares of Boralex from C$42.00 to C$39.00 in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of C$39.22.

Boralex Trading Down 5.2%

The company's 50-day moving average price is C$31.79 and its 200-day moving average price is C$29.73. The firm has a market cap of C$3.02 billion, a price-to-earnings ratio of 42.53, a price-to-earnings-growth ratio of 2.01 and a beta of 0.46. The company has a quick ratio of 1.54, a current ratio of 0.86 and a debt-to-equity ratio of 233.60.

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.