Innergex Renewable Energy (TSE:INE) Sets New 52-Week High - Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE - Get Free Report) hit a new 52-week high on Monday . The company traded as high as C$13.74 and last traded at C$13.69, with a volume of 39623 shares. The stock had previously closed at C$13.73.

Analysts Set New Price Targets

Several research firms recently weighed in on INE. National Bankshares cut Innergex Renewable Energy from an "outperform" rating to a "sector perform" rating and dropped their price target for the stock from C$16.00 to C$13.75 in a report on Wednesday, February 26th. Raymond James cut Innergex Renewable Energy from an "outperform" rating to a "market perform" rating and increased their price objective for the stock from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. Desjardins cut shares of Innergex Renewable Energy from a "buy" rating to a "tender" rating and reduced their target price for the company from C$14.50 to C$13.75 in a research report 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, TD Securities raised their price target on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a "hold" rating in a research report on Friday, February 21st. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of C$11.59.

Innergex Renewable Energy Price Performance

The firm has a market capitalization of C$2.82 billion, a P/E ratio of -22.09, a PEG ratio of 20.61 and a beta of 0.36. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44. The business's 50 day moving average is C$13.60 and its 200-day moving average is C$11.06.

Innergex Renewable Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date 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.