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

Shares of Innergex Renewable Energy Inc. (TSE:INE) have received an average recommendation of “Moderate Buy” from the seven brokerages that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is C$13.36.

Several analysts recently weighed in on the company. TD Securities reduced their price objective on Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Raymond James reduced 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 research note on Thursday, February 22nd. CIBC upped their price objective on shares of Innergex Renewable Energy from C$9.00 to C$9.50 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. 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. Finally, Desjardins decreased their target price on shares of Innergex Renewable Energy from C$14.50 to C$14.00 and set a “buy” rating on the stock in a research note on Friday, February 23rd.

Innergex Renewable Energy Stock Performance

TSE INE opened at C$8.08 on Friday. The firm’s 50 day simple moving average is C$8.01 and its 200 day simple moving average is C$8.78. The firm has a market capitalization of C$1.65 billion, a price-to-earnings ratio of -15.84, a P/E/G ratio of 20.61 and a beta of 0.35. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 544.43. Innergex Renewable Energy has a 1 year low of C$7.05 and a 1 year high of C$14.40.

Innergex Renewable Energy (TSE:INE) last released its earnings results on Wednesday, February 21st. The company reported C($0.03) earnings per share for the quarter, topping the consensus estimate of C($0.04) by C$0.01. Innergex Renewable Energy had a negative return on equity of 7.86% and a negative net margin of 9.45%. The firm had revenue of C$261.53 million during the quarter, compared to analysts’ expectations of C$264.85 million. As a group, research analysts expect that Innergex Renewable Energy will post 0.0799919 earnings per share for the current fiscal year.

Innergex Renewable Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 15th were paid a $0.09 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.36 annualized dividend and a dividend yield of 4.46%. Innergex Renewable Energy’s dividend payout ratio is -70.59%.

Insider Buying and Selling

In related news, Senior Officer Jean Trudel acquired 13,000 shares of the stock in a transaction dated Monday, February 26th. The stock was bought at an average cost of C$7.68 per share, for a total transaction of C$99,840.00. In other news, Director Richard Gagnon bought 3,125 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was acquired at an average price of C$8.13 per share, with a total value of C$25,408.75. Also, Senior Officer Jean Trudel purchased 13,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were purchased at an average cost of C$7.68 per share, for a total transaction of C$99,840.00. Insiders purchased a total of 22,125 shares of company stock valued at $174,975 in the last three months. Insiders own 20.41% 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.