Innergex Renewable Energy (TSE:INE) Reaches New 1-Year High – Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s share price reached a new 52-week high on Tuesday . The stock traded as high as C$13.65 and last traded at C$13.62, with a volume of 60473 shares traded. The stock had previously closed at C$13.61.

Analyst Ratings Changes

A number of research analysts recently weighed in on INE shares. TD Securities raised their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research report on Friday, February 21st. Raymond James downgraded Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and raised their price target for the company from C$11.50 to C$13.75 in a report on Wednesday, February 26th. Cormark lowered their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. 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. Finally, National Bankshares lowered shares of Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from C$16.00 to C$13.75 in a research note on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of C$11.59.

Innergex Renewable Energy Stock Up 0.2%

The stock has a market cap of C$2.80 billion, a PE ratio of -21.91, a PEG ratio of 20.61 and a beta of 0.36. 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 company has a 50 day moving average price of C$13.54 and a two-hundred day moving average price of C$10.52.

Innergex Renewable Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were issued a $0.09 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.36 annualized dividend and a yield of 2.64%. Innergex Renewable Energy’s payout ratio is -57.74%.

About Innergex Renewable Energy

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.