Innergex Renewable Energy (TSE:INE) Sets New 52-Week High – Here’s Why

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Raymond James cut shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and increased their price objective for the company from C$11.50 to C$13.75 in a report on Wednesday, February 26th. National Bankshares cut shares of Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from C$16.00 to C$13.75 in a report on Wednesday, February 26th. TD Securities raised 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 report on Friday, February 21st. Desjardins cut shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and reduced their target price for the stock from C$14.50 to C$13.75 in a report on Wednesday, February 26th. Finally, National Bank Financial cut shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 25th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of C$11.59.

Innergex Renewable Energy Stock Down 0.1%

The business’s 50 day moving average is C$13.59 and its 200 day moving average is C$10.99. 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 stock has a market cap of C$2.82 billion, a price-to-earnings ratio of -22.02, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend was Monday, March 31st. Innergex Renewable Energy’s dividend payout ratio is -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.