Raymond James Analysts Cut Earnings Estimates for Innergex Renewable Energy Inc. (TSE:INE)

Innergex Renewable Energy Inc. (TSE:INE) – Equities researchers at Raymond James reduced their Q1 2024 earnings per share (EPS) estimates for shares of Innergex Renewable Energy in a research note issued on Thursday, April 25th. Raymond James analyst D. Quezada now forecasts that the company will post earnings per share of ($0.06) for the quarter, down from their previous estimate of $0.04. Raymond James has a “Outperform” rating and a $13.00 price target on the stock. The consensus estimate for Innergex Renewable Energy’s current full-year earnings is $0.08 per share. Raymond James also issued estimates for Innergex Renewable Energy’s Q3 2024 earnings at $0.01 EPS, Q4 2024 earnings at $0.02 EPS, FY2024 earnings at ($0.03) EPS and FY2025 earnings at $0.12 EPS.

INE has been the subject of several other research reports. BMO Capital Markets cut their price target on Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. CIBC raised their price target on Innergex Renewable Energy from C$9.00 to C$9.50 and gave the company a “neutral” rating in a report on Friday, February 23rd. National Bankshares raised their price target on Innergex Renewable Energy from C$15.75 to C$17.00 and gave the company an “outperform” rating in a report on Tuesday, January 9th. TD Securities cut their price target on Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating for the company in a report on Wednesday, February 14th. Finally, Royal Bank of Canada cut their price target on Innergex Renewable Energy from C$13.00 to C$11.00 and set a “sector perform” rating for the company in a report on Monday, February 12th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$12.47.

Innergex Renewable Energy Stock Up 0.5 %

Shares of INE opened at C$8.03 on Monday. The business’s 50 day moving average is C$8.07 and its 200 day moving average is C$8.71. The company has a market capitalization of C$1.64 billion, a PE ratio of -15.75, a price-to-earnings-growth ratio of 20.61 and a beta of 0.35. Innergex Renewable Energy has a 12-month low of C$7.05 and a 12-month high of C$14.40. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 544.43.

Innergex Renewable Energy (TSE:INE) last issued its earnings results on Wednesday, February 21st. The company reported C($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of C($0.04) by C$0.01. The company had revenue of C$261.53 million for the quarter, compared to the consensus estimate of C$264.85 million. Innergex Renewable Energy had a negative return on equity of 7.86% and a negative net margin of 9.45%.

Innergex Renewable Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 15th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date of this dividend was Wednesday, March 27th. Innergex Renewable Energy’s dividend payout ratio (DPR) is -70.59%.

Insider Transactions at Innergex Renewable Energy

In related news, Senior Officer Jean Trudel bought 13,000 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was purchased at an average price of C$7.68 per share, for a total transaction of C$99,840.00. In other Innergex Renewable Energy news, Director Daniel Lafrance acquired 5,000 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were bought at an average price of C$8.35 per share, with a total value of C$41,750.00. Also, Senior Officer Jean Trudel acquired 13,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was acquired at an average cost of C$7.68 per share, for a total transaction of C$99,840.00. In the last 90 days, insiders purchased 22,125 shares of company stock worth $174,975. 20.41% of the stock is currently owned by company insiders.

Innergex Renewable Energy Company Profile

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.