Insider Buying: Boralex Inc. (TSE:BLX) Director Acquires 1,000 Shares of Stock

Boralex Inc. (TSE:BLX) Director Ricky Fontaine acquired 1,000 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of C$29.10 per share, for a total transaction of C$29,100.00.

Boralex Stock Performance

BLX opened at C$29.60 on Friday. The firm has a market capitalization of C$3.08 billion, a PE ratio of 43.40, a PEG ratio of 2.01 and a beta of 0.46. Boralex Inc. has a twelve month low of C$24.40 and a twelve month high of C$36.68. The firm’s 50-day moving average price is C$27.00 and its 200 day moving average price is C$30.70. The company has a current ratio of 0.86, a quick ratio of 1.54 and a debt-to-equity ratio of 233.60.

Boralex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 17th will be given a dividend of $0.165 per share. The ex-dividend date is Friday, February 28th. This represents a $0.66 dividend on an annualized basis and a yield of 2.23%. Boralex’s payout ratio is presently 96.76%.

Wall Street Analyst Weigh In

Several research firms recently commented on BLX. CIBC dropped their price target on shares of Boralex from C$42.00 to C$40.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 8th. Cormark decreased their price objective on shares of Boralex from C$47.00 to C$35.00 in a report on Thursday, January 30th. BMO Capital Markets decreased their price objective on shares of Boralex from C$46.00 to C$45.00 in a report on Friday, November 15th. National Bankshares decreased their price objective on shares of Boralex from C$46.00 to C$43.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Finally, Raymond James decreased their price objective on shares of Boralex from C$41.00 to C$39.00 in a report on Monday, March 3rd. One 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. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of C$40.25.

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.