Innergex Renewable Energy (TSE:INE) Hits New 1-Year High - Time to Buy?

Shares of Innergex Renewable Energy Inc. (TSE:INE - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as C$13.73 and last traded at C$13.71, with a volume of 26950 shares trading hands. The stock had previously closed at C$13.71.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INE. Raymond James cut Innergex Renewable Energy from an "outperform" rating to a "market perform" rating and boosted their target price for the stock from C$11.50 to C$13.75 in a report on Wednesday, February 26th. Desjardins lowered Innergex Renewable Energy from a "buy" rating to a "tender" rating and lowered their price objective for the stock from C$14.50 to C$13.75 in a research note on Wednesday, February 26th. TD Securities upped their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a "hold" rating in a report on Friday, February 21st. National Bank Financial downgraded Innergex Renewable Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, National Bankshares cut shares of Innergex Renewable Energy from an "outperform" rating to a "sector perform" rating and lowered their price target for the company from C$16.00 to C$13.75 in a research report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, Innergex Renewable Energy currently has an average rating of "Hold" and a consensus price target of C$11.59.

Innergex Renewable Energy Trading Up 0.2%

The firm has a market cap of C$2.81 billion, a price-to-earnings ratio of -21.99, 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. The company has a 50 day moving average price of C$13.57 and a 200 day moving average price of C$10.85.

Innergex Renewable Energy Dividend Announcement

The business also recently declared 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. This represents a $0.36 dividend on an annualized basis 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.