Innergex Renewable Energy Inc. to Issue Quarterly Dividend of $0.09 (TSE:INE)

Innergex Renewable Energy Inc. (TSE:INE) announced a quarterly dividend on Wednesday, November 6th,Zacks Dividends reports. Investors of record on Tuesday, December 31st will be given a dividend of 0.09 per share on Wednesday, January 15th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date is Tuesday, December 31st.

Innergex Renewable Energy Price Performance

Shares of INE stock opened at C$8.84 on Friday. The firm’s 50 day moving average price is C$9.62 and its two-hundred day moving average price is C$9.56. The company has a debt-to-equity ratio of 428.86, a quick ratio of 0.58 and a current ratio of 0.57. Innergex Renewable Energy has a 52-week low of C$7.05 and a 52-week high of C$10.96. The stock has a market cap of C$1.79 billion, a PE ratio of -13.60, a PEG ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy (TSE:INE) last posted its quarterly earnings results on Wednesday, August 7th. The company reported C($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of C($0.02) by C($0.01). The company had revenue of C$239.51 million during the quarter, compared to the consensus estimate of C$256.60 million. Innergex Renewable Energy had a negative return on equity of 9.27% and a negative net margin of 11.96%. As a group, analysts forecast that Innergex Renewable Energy will post 0.1549878 EPS for the current year.

Wall Street Analyst Weigh In

INE has been the subject of several analyst reports. CIBC decreased their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday. Cormark cut shares of Innergex Renewable Energy from a “moderate buy” rating to a “hold” rating in a report on Friday, August 9th. Scotiabank cut their target price on shares of Innergex Renewable Energy from C$12.50 to C$11.50 in a report on Thursday. BMO Capital Markets boosted their price target on shares of Innergex Renewable Energy from C$11.00 to C$11.50 in a report on Thursday, September 5th. Finally, TD Securities downgraded Innergex Renewable Energy from a “buy” rating to a “hold” rating and set a C$10.00 price objective on the stock. in a research note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Innergex Renewable Energy has a consensus rating of “Moderate Buy” and a consensus price target of C$12.38.

About Innergex Renewable Energy

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.