Innergex Renewable Energy Inc. (TSE:INE) Receives C$11.59 Average Price Target from Brokerages

Shares of Innergex Renewable Energy Inc. (TSE:INE - Get Free Report) have been given an average rating of "Hold" by the eight analysts that are currently covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is C$11.59.

A number of brokerages have recently issued reports on INE. Scotiabank lowered their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Cormark lowered their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. National Bank Financial downgraded shares of Innergex Renewable Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 25th. Raymond James cut shares of Innergex Renewable Energy from an "outperform" rating to a "market perform" rating and boosted their price objective for the company from C$11.50 to C$13.75 in a report on Wednesday, February 26th. Finally, Desjardins downgraded 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.

Innergex Renewable Energy Price Performance

TSE INE remained flat at C$13.70 during mid-day trading on Friday. 736,871 shares of the company were exchanged, compared to its average volume of 1,083,720. The firm has a market cap of C$2.81 billion, a PE ratio of -21.97, a PEG ratio of 20.61 and a beta of 0.36. Innergex Renewable Energy has a 52 week low of C$6.98 and a 52 week high of C$13.72. The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The business's 50-day moving average price is C$13.55 and its two-hundred day moving average price is C$10.61.

Innergex Renewable Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend was Monday, March 31st. Innergex Renewable Energy's dividend payout ratio 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.