Innergex Renewable Energy Inc. (TSE:INE) Receives C$13.36 Average Price Target from Brokerages

Shares of Innergex Renewable Energy Inc. (TSE:INE) have received a consensus rating of “Moderate Buy” from the seven analysts that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is C$13.36.

Several analysts recently issued reports on INE shares. BMO Capital Markets dropped their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. TD Securities dropped their price objective on shares of Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Royal Bank of Canada decreased their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.00 and set a “sector perform” rating on the stock in a report on Monday, February 12th. CIBC boosted their target price on shares of Innergex Renewable Energy from C$9.00 to C$9.50 and gave the company a “neutral” rating in a report on Friday, February 23rd. Finally, Raymond James decreased their target price 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.

Innergex Renewable Energy Stock Down 1.1 %

INE stock opened at C$7.99 on Tuesday. The stock has a market capitalization of C$1.63 billion, a P/E ratio of -15.67, a P/E/G ratio of 20.61 and a beta of 0.37. The firm has a 50-day simple moving average of C$8.26 and a 200-day simple moving average of C$9.21. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 544.43. Innergex Renewable Energy has a 52 week low of C$7.05 and a 52 week high of C$15.23.

Innergex Renewable Energy (TSE:INE) last released its earnings results on Wednesday, February 21st. The company reported C($0.03) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of C$261.53 million during the quarter, compared to analysts’ expectations of C$264.85 million. Equities analysts forecast that Innergex Renewable Energy will post 0.1201178 earnings per share for the current fiscal year.

Innergex Renewable Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, April 15th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 4.51%. The ex-dividend date of this dividend is Wednesday, March 27th. Innergex Renewable Energy’s payout ratio is currently -70.59%.

Insider Buying and Selling

In other Innergex Renewable Energy news, Senior Officer Jean Trudel bought 13,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were purchased at an average cost of C$7.68 per share, with a total value of C$99,840.00. In other news, Senior Officer Jean Trudel acquired 13,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were bought at an average cost of C$7.68 per share, with a total value of C$99,840.00. Also, Director Daniel Lafrance acquired 5,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was purchased at an average cost of C$8.35 per share, for a total transaction of C$41,750.00. Insiders have acquired a total of 22,125 shares of company stock valued at $174,975 in the last ninety days. Company insiders own 24.06% of the company’s stock.

About Innergex Renewable Energy

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.