Innergex Renewable Energy Inc. (TSE:INE) Receives Average Rating of “Moderate Buy” from Brokerages

Innergex Renewable Energy Inc. (TSE:INEGet Free Report) has been given an average rating of “Moderate Buy” by the seven brokerages that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is C$13.36.

A number of brokerages have recently commented on INE. Raymond James cut 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 research note on Thursday, February 22nd. Royal Bank of Canada dropped their target price on Innergex Renewable Energy from C$13.00 to C$11.00 and set a “sector perform” rating on the stock in a research report on Monday, February 12th. Desjardins reduced their price target on Innergex Renewable Energy from C$14.50 to C$14.00 and set a “buy” rating for the company in a report on Friday, February 23rd. BMO Capital Markets decreased their price target 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 report on Thursday, February 22nd. Finally, CIBC increased their price objective on shares of Innergex Renewable Energy from C$9.00 to C$9.50 and gave the company a “neutral” rating in a research note on Friday, February 23rd.

Read Our Latest Research Report on INE

Innergex Renewable Energy Stock Down 0.5 %

INE opened at C$7.95 on Tuesday. The business has a 50 day simple moving average of C$8.21 and a 200-day simple moving average of C$9.10. Innergex Renewable Energy has a 12 month low of C$7.05 and a 12 month high of C$15.23. The stock has a market capitalization of C$1.62 billion, a P/E ratio of -15.59, a P/E/G ratio of 20.61 and a beta of 0.37. The company has a debt-to-equity ratio of 544.43, a current ratio of 0.92 and a quick ratio of 0.58.

Innergex Renewable Energy (TSE:INEGet Free Report) last announced its quarterly earnings results on Wednesday, February 21st. The company reported C($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C($0.04) by C$0.01. The business had revenue of C$261.53 million during the quarter, compared to the consensus estimate of C$264.85 million. Innergex Renewable Energy had a negative net margin of 9.45% and a negative return on equity of 7.86%. On average, equities analysts anticipate that Innergex Renewable Energy will post 0.1201178 earnings per share for the current fiscal year.

Innergex Renewable Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Monday, April 15th will be given a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.36 dividend on an annualized basis and a yield of 4.53%. Innergex Renewable Energy’s dividend payout ratio (DPR) is -70.59%.

Insider Transactions at Innergex Renewable Energy

In related news, Senior Officer Jean Trudel acquired 13,000 shares of Innergex Renewable Energy stock in a transaction dated Monday, February 26th. The stock was acquired 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 purchased 13,000 shares of Innergex Renewable Energy stock in a transaction that occurred on Monday, February 26th. The stock was acquired at an average price of C$7.68 per share, for a total transaction of C$99,840.00. Also, Director Daniel Lafrance bought 5,000 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were purchased at an average cost of C$8.35 per share, for a total transaction of C$41,750.00. In the last 90 days, insiders have bought 22,125 shares of company stock valued at $174,975. Corporate insiders own 24.06% of the company’s stock.

About Innergex Renewable Energy

(Get Free Report

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.

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Analyst Recommendations for Innergex Renewable Energy (TSE:INE)

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