Innergex Renewable Energy (TSE:INE) Hits New 12-Month High – Time to Buy?

Innergex Renewable Energy Inc. (TSE:INE) reached a new 52-week high during trading on Monday . The company traded as high as C$13.74 and last traded at C$13.69, with a volume of 39623 shares changing hands. The stock had previously closed at C$13.73.

Wall Street Analysts Forecast Growth

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 lifted their price objective for the stock from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. National Bank Financial downgraded shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 25th. National Bankshares downgraded shares of Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from C$16.00 to C$13.75 in a research report on Wednesday, February 26th. Desjardins downgraded shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and cut their price objective for the stock from C$14.50 to C$13.75 in a research report on Wednesday, February 26th. Finally, TD Securities lifted 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 note on Friday, February 21st. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Stock Performance

The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The firm’s 50 day moving average is C$13.58 and its 200-day moving average is C$10.92. The stock has a market capitalization of C$2.81 billion, a price-to-earnings ratio of -22.01, a PEG ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend was Monday, March 31st. 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.