Innergex Renewable Energy Inc. (TSE:INE) to Issue Quarterly Dividend of $0.09

Innergex Renewable Energy Inc. (TSE:INE) declared a quarterly dividend on Wednesday, May 8th, Zacks reports. Investors of record on Sunday, June 30th will be paid a dividend of 0.09 per share on Monday, July 15th. This represents a $0.36 annualized dividend and a yield of 4.30%. The ex-dividend date is Friday, June 28th.

Innergex Renewable Energy Price Performance

INE traded down C$0.04 during trading on Friday, hitting C$8.37. The company’s stock had a trading volume of 108,452 shares, compared to its average volume of 762,384. 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 has a twelve month low of C$7.05 and a twelve month high of C$14.40. The business’s fifty day simple moving average is C$8.18 and its 200 day simple moving average is C$8.67. The firm has a market capitalization of C$1.71 billion, a price-to-earnings ratio of -16.49, a P/E/G ratio of 20.61 and a beta of 0.35.

Innergex Renewable Energy (TSE:INE) last issued its quarterly earnings results on Wednesday, February 21st. The company reported C($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C($0.04) by C$0.01. The firm had revenue of C$261.53 million for the quarter, compared to analyst estimates 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%. On average, equities research analysts forecast that Innergex Renewable Energy will post 0.0799919 EPS for the current fiscal year.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

INE has been the topic of a number of research analyst reports. CIBC lifted their price target on Innergex Renewable Energy from C$9.00 to C$9.50 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. Royal Bank of Canada lowered their price objective on Innergex Renewable Energy from C$13.00 to C$11.00 and set a “sector perform” rating on the stock in a research note on Monday, February 12th. Raymond James lowered their price objective on Innergex Renewable Energy from C$15.00 to C$13.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. BMO Capital Markets reduced their target price on Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Finally, Desjardins reduced their target price on Innergex Renewable Energy from C$14.00 to C$13.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Innergex Renewable Energy presently has an average rating of “Moderate Buy” and an average price target of C$12.47.

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.