Insider Buying: Boralex Inc. (TSE:BLX) Director Buys C$29,100.00 in Stock

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

Boralex Stock Up 1.9 %

Shares of Boralex stock opened at C$29.60 on Monday. The business’s 50 day simple moving average is C$27.00 and its 200 day simple moving average is C$30.68. Boralex Inc. has a 52-week low of C$24.40 and a 52-week high of C$36.68. The firm has a market cap of C$3.08 billion, a PE ratio of 43.40, a P/E/G ratio of 2.01 and a beta of 0.46. The company has a debt-to-equity ratio of 233.60, a quick ratio of 1.54 and a current ratio of 0.86.

Boralex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 17th will be paid a $0.165 dividend. 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 dividend payout ratio is 96.76%.

Wall Street Analyst Weigh In

BLX has been the topic of a number of research analyst reports. CIBC dropped their price target on 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. Scotiabank dropped their price target on Boralex from C$42.00 to C$36.00 and set a “sector perform” rating on the stock in a research report on Thursday, January 30th. Raymond James dropped their price target on Boralex from C$41.00 to C$39.00 in a research report on Monday, March 3rd. Cormark dropped their price target on Boralex from C$47.00 to C$35.00 in a research report on Thursday, January 30th. Finally, BMO Capital Markets dropped their price target on Boralex from C$46.00 to C$45.00 in a research report on Friday, November 15th. One 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.com, Boralex presently has an average rating of “Buy” and a consensus target price 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.