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

Innergex Renewable Energy Inc. (TSE:INE) announced a quarterly dividend on Monday, March 31st, TickerTech Dividends reports. Shareholders of record on Tuesday, April 15th will be given a dividend of 0.09 per share on Tuesday, April 15th. This represents a $0.36 annualized dividend and a yield of 2.65%. The ex-dividend date is Monday, March 31st.

Innergex Renewable Energy Price Performance

Innergex Renewable Energy stock remained flat at C$13.57 during mid-day trading on Friday. 571,412 shares of the company were exchanged, compared to its average volume of 1,257,442. Innergex Renewable Energy has a 52 week low of C$6.98 and a 52 week high of C$13.63. The company’s 50 day moving average price is C$10.41 and its 200-day moving average price is C$9.47. The firm has a market cap of C$2.78 billion, a P/E ratio of -21.76, a price-to-earnings-growth 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.

Wall Street Analyst Weigh In

A number of research firms have commented on INE. 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. Desjardins cut Innergex Renewable Energy from a “buy” rating to a “tender” rating and dropped their target price for the stock from C$14.50 to C$13.75 in a research report on Wednesday, February 26th. Cormark lowered their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. TD Securities lifted 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. Finally, Raymond James cut Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and increased their target price for the stock from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of C$11.59.

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.