Innergex Renewable Energy (TSE:INE) Sets New 1-Year High – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$13.59 and last traded at C$13.58, with a volume of 827609 shares changing hands. The stock had previously closed at C$13.55.

Analyst Ratings Changes

A number of brokerages have recently issued reports on INE. Raymond James downgraded shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. Scotiabank reduced their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. National Bank Financial cut shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Desjardins downgraded Innergex Renewable Energy from a “buy” rating to a “tender” rating and decreased their target price for the company from C$14.50 to C$13.75 in a research note on Wednesday, February 26th. Finally, TD Securities upped 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 report on Friday, February 21st. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Innergex Renewable Energy 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 debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. The firm has a market capitalization of C$2.78 billion, a PE ratio of -21.76, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company’s fifty day simple moving average is C$10.41 and its 200-day simple moving average is C$9.47.

Innergex Renewable Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.65%. 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.