Innergex Renewable Energy (TSE:INE) Sets New 12-Month High - Still a Buy?

Shares of Innergex Renewable Energy Inc. (TSE:INE - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as C$13.79 and last traded at C$13.78, with a volume of 134121 shares. The stock had previously closed at C$13.78.

Analyst Upgrades and Downgrades

INE has been the subject of several research reports. Desjardins lowered Innergex Renewable Energy from a "buy" rating to a "tender" rating and reduced their price target for the company from C$14.50 to C$13.75 in a report on Wednesday, February 26th. National Bankshares cut shares of Innergex Renewable Energy from an "outperform" rating to a "sector perform" rating and reduced 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 lowered shares of Innergex Renewable Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Raymond James downgraded 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 report on Wednesday, February 26th. Finally, TD Securities upped their price objective on shares of 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. Seven research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of C$11.59.

Innergex Renewable Energy Stock Performance

The firm's 50 day moving average price is C$13.61 and its 200-day moving average price is C$11.10. The firm has a market cap of C$2.83 billion, a price-to-earnings ratio of -22.10, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58.

Innergex Renewable Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th were given a $0.09 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.36 dividend on an annualized basis and a yield of 2.61%. 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.

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