Innergex Renewable Energy (TSE:INE) Reaches New 1-Year Low – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE)’s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as C$7.05 and last traded at C$7.19, with a volume of 809740 shares changing hands. The stock had previously closed at C$7.47.

Analysts Set New Price Targets

INE has been the subject of several analyst reports. CIBC reduced their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Scotiabank decreased their price target on Innergex Renewable Energy from C$12.50 to C$11.50 in a research note on Thursday, November 7th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$12.38.

Innergex Renewable Energy Price Performance

The company has a current ratio of 0.57, a quick ratio of 0.58 and a debt-to-equity ratio of 428.86. The stock has a fifty day simple moving average of C$8.21 and a 200-day simple moving average of C$9.14. The stock has a market cap of C$1.45 billion, a price-to-earnings ratio of -11.00, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy (TSE:INE) last announced its quarterly earnings data on Wednesday, November 6th. The company reported C$0.05 EPS for the quarter, beating analysts’ consensus estimates of C$0.03 by C$0.02. Innergex Renewable Energy had a negative net margin of 11.96% and a negative return on equity of 9.27%. During the same quarter last year, the company earned $0.03 earnings per share. As a group, equities research analysts expect that Innergex Renewable Energy Inc. will post 0.1549878 EPS for the current year.

Innergex Renewable Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 5.03%. The ex-dividend date of this dividend was Tuesday, December 31st. Innergex Renewable Energy’s dividend payout ratio is -55.38%.

Innergex Renewable Energy Company Profile

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada’s best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world.