Innergex Renewable Energy (TSE:INE) Reaches New 52-Week High – Here’s Why

Shares of Innergex Renewable Energy Inc. (TSE:INE) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$13.65 and last traded at C$13.62, with a volume of 60473 shares. The stock had previously closed at C$13.61.

Analysts Set New Price Targets

Several research firms recently commented on INE. Raymond James cut Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and raised their target price for the company from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. National Bank Financial cut Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 25th. TD Securities lifted their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Friday, February 21st. National Bankshares downgraded shares of Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from C$16.00 to C$13.75 in a report on Wednesday, February 26th. Finally, Cormark lowered their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of C$11.59.

Innergex Renewable Energy Price Performance

The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The stock’s fifty day simple moving average is C$13.54 and its two-hundred day simple moving average is C$10.45. The company has a market capitalization of C$2.79 billion, a price-to-earnings ratio of -21.83, a P/E/G ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend was Monday, March 31st. Innergex Renewable Energy’s dividend payout ratio is presently -57.74%.

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.