Innergex Renewable Energy Inc. (TSE:INE) Forecasted to Post Q1 2024 Earnings of ($0.19) Per Share

Innergex Renewable Energy Inc. (TSE:INE) – Investment analysts at Cormark issued their Q1 2024 EPS estimates for shares of Innergex Renewable Energy in a research report issued to clients and investors on Wednesday, May 1st. Cormark analyst N. Boychuk anticipates that the company will post earnings per share of ($0.19) for the quarter. The consensus estimate for Innergex Renewable Energy’s current full-year earnings is $0.08 per share. Cormark also issued estimates for Innergex Renewable Energy’s FY2024 earnings at ($0.20) EPS.

Innergex Renewable Energy (TSE:INE) last released its earnings results on Wednesday, February 21st. The company reported C($0.03) EPS for the quarter, beating the consensus estimate of C($0.04) by C$0.01. Innergex Renewable Energy had a negative net margin of 9.45% and a negative return on equity of 7.86%. The company had revenue of C$261.53 million for the quarter, compared to analyst estimates of C$264.85 million.

Several other equities analysts have also commented on the stock. National Bankshares increased their target price on shares of Innergex Renewable Energy from C$15.75 to C$17.00 and gave the company an “outperform” rating in a report on Tuesday, January 9th. BMO Capital Markets cut their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Desjardins cut their price target on shares of Innergex Renewable Energy from C$14.00 to C$13.00 and set a “buy” rating on the stock in a report on Tuesday. Raymond James cut their price target on shares of Innergex Renewable Energy from C$15.00 to C$13.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Finally, TD Securities cut their price target on shares of Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating on the stock in a report on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Innergex Renewable Energy presently has a consensus rating of “Moderate Buy” and an average price target of C$12.47.

Innergex Renewable Energy Price Performance

INE stock opened at C$8.48 on Friday. The company has a debt-to-equity ratio of 544.43, a quick ratio of 0.58 and a current ratio of 0.92. Innergex Renewable Energy has a 52 week low of C$7.05 and a 52 week high of C$14.40. The firm’s fifty day moving average is C$8.12 and its 200 day moving average is C$8.70. The firm has a market cap of C$1.73 billion, a P/E ratio of -16.49, a P/E/G ratio of 20.61 and a beta of 0.35.

Insider Activity

In related news, Senior Officer Jean Trudel bought 13,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were purchased at an average price of C$7.68 per share, with a total value of C$99,840.00. In other Innergex Renewable Energy news, Director Daniel Lafrance purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was bought at an average cost of C$8.35 per share, with a total value of C$41,750.00. Also, Senior Officer Jean Trudel purchased 13,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were acquired at an average cost of C$7.68 per share, with a total value of C$99,840.00. In the last 90 days, insiders have purchased 22,125 shares of company stock valued at $174,975. Corporate insiders own 20.41% of the company’s stock.

Innergex Renewable Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 15th were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date was Wednesday, March 27th. Innergex Renewable Energy’s payout ratio is -70.59%.

Innergex Renewable Energy Company Profile

Innergex Renewable Energy Inc operates as an independent renewable power producer in Canada, the United States, France, and Chile. It acquires, owns, develops, and operates renewable power-generating and energy storage facilities primarily in hydroelectric, wind, and solar power sectors. The company operates through three segments: Hydroelectric Power Generation, Wind Power Generation, and Solar Power Generation.