Cormark Has Negative Outlook of Boralex FY2024 Earnings

Boralex Inc. (TSE:BLX) – Equities research analysts at Cormark lowered their FY2024 earnings per share (EPS) estimates for Boralex in a research note issued to investors on Friday, November 15th. Cormark analyst N. Boychuk now anticipates that the company will post earnings of $1.31 per share for the year, down from their prior forecast of $1.32. The consensus estimate for Boralex’s current full-year earnings is $1.34 per share.

A number of other research analysts have also issued reports on BLX. BMO Capital Markets lowered their target price on Boralex from C$46.00 to C$45.00 in a report on Friday. Raymond James lifted their target price on Boralex from C$38.00 to C$41.00 in a report on Thursday, August 15th. Cibc World Mkts raised Boralex to a “strong-buy” rating in a report on Monday, July 22nd. Royal Bank of Canada boosted their price objective on Boralex from C$36.00 to C$38.00 in a report on Thursday, August 15th. Finally, CIBC reduced their price objective on shares of Boralex from C$43.00 to C$42.00 in a research note on Friday. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of C$43.38.

Boralex Price Performance

TSE:BLX opened at C$30.45 on Monday. The business’s 50-day moving average price is C$34.12 and its 200 day moving average price is C$33.21. The firm has a market cap of C$3.13 billion, a P/E ratio of 32.74, a PEG ratio of 2.01 and a beta of 0.46. Boralex has a 52-week low of C$26.25 and a 52-week high of C$36.68. The company has a quick ratio of 1.54, a current ratio of 0.95 and a debt-to-equity ratio of 175.24.

About Boralex

Boralex Inc, together with its subsidiaries, engages in the development, construction, and operation of renewable energy power facilities in Canada, France, the United States, and the United Kingdom. It generates electricity from wind, solar, and hydroelectric resources. As of December 31, 2023, the company operates 100 wind farms; 12 solar energy facilities; 15 hydroelectric power stations; and 2 storage units with an installed capacity of 1,819 megawatts (MW) in North America and 1,259 MW in Europe.