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

Innergex Renewable Energy Inc. (TSE:INE) has received a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is C$13.36.

Several brokerages have commented on INE. CIBC increased their target price on 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. Royal Bank of Canada cut 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 note on Monday, February 12th. National Bankshares increased their target price on Innergex Renewable Energy from C$15.75 to C$17.00 and gave the company an “outperform” rating in a research note on Tuesday, January 9th. BMO Capital Markets dropped their price target on Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Finally, TD Securities dropped their price target 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.

Innergex Renewable Energy Stock Performance

Innergex Renewable Energy stock opened at C$7.99 on Tuesday. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 544.43. The company has a market capitalization of C$1.63 billion, a P/E ratio of -15.67, a PEG ratio of 20.61 and a beta of 0.37. The stock’s 50 day moving average is C$8.26 and its 200 day moving average is C$9.21. Innergex Renewable Energy has a twelve month low of C$7.05 and a twelve month high of C$15.23.

Innergex Renewable Energy (TSE:INE) last issued its earnings results on Wednesday, February 21st. The company reported C($0.03) EPS for the quarter, beating 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 business had revenue of C$261.53 million for the quarter, compared to the consensus estimate of C$264.85 million. On average, equities research analysts predict that Innergex Renewable Energy will post 0.1201178 earnings per share for the current fiscal year.

Innergex Renewable Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, April 15th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 4.51%. Innergex Renewable Energy’s dividend payout ratio is -70.59%.

Insiders Place Their Bets

In other Innergex Renewable Energy news, Director Daniel Lafrance bought 5,000 shares of the firm’s stock in a transaction dated 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 other Innergex Renewable Energy news, Director Daniel Lafrance bought 5,000 shares of the firm’s stock in a transaction dated 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. Also, Senior Officer Jean Trudel bought 13,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were acquired at an average price of C$7.68 per share, for a total transaction of C$99,840.00. Insiders have purchased a total of 22,125 shares of company stock worth $174,975 in the last 90 days. 24.06% of the stock is currently owned by corporate insiders.

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.