Analysts Set Expectations for Innergex Renewable Energy Inc.’s Q2 2024 Earnings (TSE:INE)

Innergex Renewable Energy Inc. (TSE:INE) – Cormark issued their Q2 2024 earnings estimates for shares of Innergex Renewable Energy in a research report issued on Tuesday, July 23rd. Cormark analyst N. Boychuk expects that the company will post earnings per share of ($0.03) for the quarter. The consensus estimate for Innergex Renewable Energy’s current full-year earnings is $0.08 per share. Cormark also issued estimates for Innergex Renewable Energy’s FY2024 earnings at ($0.45) EPS and FY2025 earnings at ($0.13) EPS.

A number of other research firms have also recently commented on INE. Scotiabank increased their price target on shares of Innergex Renewable Energy from C$10.50 to C$12.50 and gave the company an “outperform” rating in a report on Wednesday, June 12th. CIBC lifted their target price on Innergex Renewable Energy from C$11.00 to C$11.50 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Cibc World Mkts raised Innergex Renewable Energy to a “hold” rating in a report on Monday, July 22nd. Desjardins lifted their price objective on Innergex Renewable Energy from C$13.00 to C$14.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Finally, National Bankshares upped their target price on shares of Innergex Renewable Energy from C$16.00 to C$17.00 and gave the company an “outperform” rating in a research note on Thursday, July 4th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of C$12.25.

Innergex Renewable Energy Stock Performance

Shares of Innergex Renewable Energy stock opened at C$9.53 on Friday. Innergex Renewable Energy has a 1 year low of C$7.05 and a 1 year high of C$13.34. The firm’s 50-day moving average is C$10.09 and its 200 day moving average is C$8.95. The stock has a market cap of C$1.94 billion, a price-to-earnings ratio of -14.89, a PEG ratio of 20.61 and a beta of 0.34. The company has a debt-to-equity ratio of 546.12, a current ratio of 0.74 and a quick ratio of 0.58.

Innergex Renewable Energy (TSE:INE) last announced its quarterly earnings data on Wednesday, May 8th. The company reported C($0.11) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of C($0.11). Innergex Renewable Energy had a negative return on equity of 10.13% and a negative net margin of 11.78%. The business had revenue of C$242.54 million during the quarter, compared to analysts’ expectations of C$240.80 million.

Insiders Place Their Bets

In other Innergex Renewable Energy news, Director Patrick Loulou acquired 11,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was purchased at an average price of C$10.25 per share, with a total value of C$112,750.00. Insiders own 20.44% of the company’s stock.

Innergex Renewable Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, July 15th were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.36 dividend on an annualized basis and a yield of 3.78%. Innergex Renewable Energy’s dividend payout ratio is currently -56.25%.

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.