Innergex Renewable Energy (TSE:INE) Reaches New 1-Year High - Should You Buy?

Innergex Renewable Energy Inc. (TSE:INE - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as C$13.79 and last traded at C$13.78, with a volume of 134121 shares trading hands. The stock had previously closed at C$13.78.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on INE shares. Desjardins cut shares of Innergex Renewable Energy from a "buy" rating to a "tender" rating and cut their price objective for the company from C$14.50 to C$13.75 in a research report on Wednesday, February 26th. National Bankshares downgraded shares of Innergex Renewable Energy from an "outperform" rating to a "sector perform" rating and lowered their price objective for the stock 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 report on Tuesday, February 25th. TD Securities raised their target price on 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. Finally, Raymond James Financial downgraded shares of Innergex Renewable Energy from an "outperform" rating to a "market perform" rating and boosted their target price for the company from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating, According to MarketBeat, Innergex Renewable Energy currently has an average rating of "Hold" and an average price target of C$11.59.

Innergex Renewable Energy Stock Down 0.1%

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 has a 50-day simple moving average of C$13.63 and a 200-day simple moving average of C$11.21. The company has a market cap of C$2.83 billion, a PE ratio of -22.10, a P/E/G ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders 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 annualized dividend and a dividend yield of 2.61%. Innergex Renewable Energy's dividend payout ratio (DPR) is -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.