Innergex Renewable Energy Inc. (TSE:INE - Free Report) - National Bank Financial dropped their Q1 2024 earnings per share estimates for shares of Innergex Renewable Energy in a note issued to investors on Monday, April 8th. National Bank Financial analyst R. Merer now forecasts that the company will earn ($0.08) per share for the quarter, down from their previous estimate of ($0.04). The consensus estimate for Innergex Renewable Energy's current full-year earnings is $0.12 per share. National Bank Financial also issued estimates for Innergex Renewable Energy's FY2024 earnings at $0.08 EPS.
A number of other equities research analysts also recently weighed in on the company. Raymond James dropped their price objective on Innergex Renewable Energy from C$15.00 to C$13.00 and set an "outperform" rating on the stock in a research report on Thursday, February 22nd. Royal Bank of Canada dropped their price objective on Innergex Renewable Energy from C$13.00 to C$11.00 and set a "sector perform" rating on the stock in a research report on Monday, February 12th. National Bankshares raised their price objective on Innergex Renewable Energy from C$15.75 to C$17.00 and gave the company an "outperform" rating in a research report on Tuesday, January 9th. TD Securities dropped their price objective on Innergex Renewable Energy from C$12.00 to C$10.00 and set a "buy" rating on the stock in a research report on Wednesday, February 14th. Finally, CIBC raised their price objective on Innergex Renewable Energy from C$9.00 to C$9.50 and gave the company a "neutral" rating in a research report on Friday, February 23rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of C$13.36.
Get Our Latest Stock Report on Innergex Renewable Energy
Innergex Renewable Energy Stock Up 0.4 %
Shares of INE traded up C$0.03 during midday trading on Thursday, reaching C$8.12. 461,215 shares of the stock were exchanged, compared to its average volume of 802,436. Innergex Renewable Energy has a 52 week low of C$7.05 and a 52 week high of C$15.23. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 544.43. The company's 50 day moving average is C$8.06 and its two-hundred day moving average is C$8.91. The company has a market capitalization of C$1.66 billion, a P/E ratio of -15.92, a PEG ratio of 20.61 and a beta of 0.37.
Innergex Renewable Energy (TSE:INE - Get Free Report) last released its earnings results on Wednesday, February 21st. The company reported C($0.03) earnings per share for the quarter, topping analysts' consensus estimates of C($0.04) by C$0.01. Innergex Renewable Energy had a negative return on equity of 7.86% and a negative net margin of 9.45%. The business had revenue of C$261.53 million for the quarter, compared to analyst estimates of C$264.85 million.
Insider Activity at Innergex Renewable Energy
In related news, Senior Officer Jean Trudel purchased 13,000 shares of Innergex Renewable Energy stock in a transaction that occurred on Monday, February 26th. The stock was bought at an average cost of C$7.68 per share, for a total transaction of C$99,840.00. In other Innergex Renewable Energy news, Senior Officer Jean Trudel acquired 13,000 shares of the company's stock in a transaction on Monday, February 26th. The shares were bought at an average cost of C$7.68 per share, with a total value of C$99,840.00. Also, Director Daniel Lafrance acquired 5,000 shares of the company's stock in a transaction on Wednesday, March 13th. The stock was acquired at an average cost of C$8.35 per share, for a total transaction of C$41,750.00. Over the last ninety days, insiders purchased 22,125 shares of company stock worth $174,975. 24.06% of the stock is owned by corporate insiders.
Innergex Renewable Energy Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, April 15th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 4.43%. The ex-dividend date is Wednesday, March 27th. Innergex Renewable Energy's dividend payout ratio is currently -70.59%.
About Innergex Renewable Energy
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Innergex Renewable Energy Inc operates as an independent renewable power producer in Canada, the United States, France, and Chile. It acquires, owns, develops, and operates renewable power-generating and energy storage facilities primarily in hydroelectric, wind, and solar power sectors. The company operates through three segments: Hydroelectric Power Generation, Wind Power Generation, and Solar Power Generation.
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