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Innergex Renewable Energy Inc. (TSE:INE) Receives C$23.03 Consensus Target Price from Brokerages

Shares of Innergex Renewable Energy Inc. (TSE:INE – Get Rating) have earned a consensus rating of “Moderate Buy” from the eleven research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is C$22.63.

INE has been the topic of a number of research reports. CIBC raised their price target on Innergex Renewable Energy from C$21.00 to C$22.00 in a research report on Thursday, July 21st. Credit Suisse Group lowered their price target on Innergex Renewable Energy from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a research report on Monday, July 25th. TD Securities upgraded Innergex Renewable Energy from a “hold” rating to a “buy” rating and lowered their price target for the company from C$21.00 to C$19.00 in a research report on Thursday, May 12th. Raymond James set a C$24.00 price objective on Innergex Renewable Energy and gave the stock an “outperform” rating in a report on Thursday, May 12th. Finally, National Bankshares lifted their price objective on Innergex Renewable Energy from C$23.00 to C$24.00 and gave the stock an “outperform” rating in a report on Thursday.

Insiders Place Their Bets

In related news, Director Richard Gagnon purchased 1,520 shares of the business’s stock in a transaction that occurred on Thursday, May 12th. The shares were bought at an average price of C$16.46 per share, for a total transaction of C$25,019.20. Following the purchase, the director now directly owns 5,170 shares of the company’s stock, valued at approximately C$85,098.20.

Innergex Renewable Energy Trading Up 1.5 %

Shares of INE stock opened at C$19.24 on Thursday. The company has a debt-to-equity ratio of 309.01, a quick ratio of 0.44 and a current ratio of 0.59. Innergex Renewable Energy has a 52-week low of C$15.89 and a 52-week high of C$22.03. The company has a market capitalization of C$3.93 billion and a PE ratio of -202.53. The business’s fifty day moving average is C$17.86 and its 200 day moving average is C$18.09.

Innergex Renewable Energy (TSE:INE – Get Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported C($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C($0.04) by C$0.02. The business had revenue of C$188.72 million during the quarter, compared to analysts’ expectations of C$181.30 million. On average, equities research analysts anticipate that Innergex Renewable Energy will post 0.44 EPS for the current fiscal year.

Innergex Renewable Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were issued a dividend of $0.18 per share. The ex-dividend date was Wednesday, June 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.74%. Innergex Renewable Energy’s dividend payout ratio (DPR) is -757.89%.

Innergex Renewable Energy Company Profile

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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 hydroelectric facilities, and wind and solar farms, as well as energy storage facilities. The company operates through three segments: Hydroelectric Power Generation, Wind Power Generation, and Solar Power Generation.

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