Innergex Renewable Energy (TSE:INE) Stock Crosses Above 200-Day Moving Average – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$9.97 and traded as high as C$13.51. Innergex Renewable Energy shares last traded at C$13.51, with a volume of 1,029,821 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. TD Securities increased their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday, February 21st. Cormark reduced their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. National Bankshares lowered shares of Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from C$16.00 to C$13.75 in a research note on Wednesday, February 26th. National Bank Financial downgraded shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Desjardins cut shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and lowered their price objective for the company from C$14.50 to C$13.75 in a research report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Stock Performance

The firm’s fifty day moving average price is C$12.74 and its 200 day moving average price is C$9.97. The firm has a market cap of C$2.77 billion, a P/E ratio of -21.67, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56.

Innergex Renewable Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.36 annualized dividend and a yield of 2.66%. Innergex Renewable Energy’s dividend payout ratio (DPR) 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.