Innergex Renewable Energy (TSE:INE) Sets New 52-Week High - Here's What Happened

Innergex Renewable Energy Inc. (TSE:INE - Get Free Report)'s stock price reached a new 52-week high on Monday . The company traded as high as C$13.70 and last traded at C$13.69, with a volume of 36508 shares. The stock had previously closed at C$13.67.

Wall Street Analyst Weigh In

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

Innergex Renewable Energy Price Performance

The company has a fifty day moving average of C$13.57 and a 200-day moving average of C$10.74. 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 stock has a market cap of C$2.81 billion, a PE ratio of -22.01, a P/E/G ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy Announces Dividend

The company 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 annualized dividend and a yield of 2.62%. The ex-dividend date was Monday, March 31st. Innergex Renewable Energy's dividend payout ratio is currently -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.