Innergex Renewable Energy (TSE:INE) Hits New 1-Year High – Time to Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s share price hit a new 52-week high on Wednesday . The company traded as high as C$13.59 and last traded at C$13.58, with a volume of 827609 shares trading hands. The stock had previously closed at C$13.55.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Scotiabank cut their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Cormark decreased their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Desjardins cut shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and dropped their price objective for the company from C$14.50 to C$13.75 in a research note on Wednesday, February 26th. Raymond James lowered shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and raised their target price for the stock from C$11.50 to C$13.75 in a research note on Wednesday, February 26th. Finally, National Bankshares downgraded Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from C$16.00 to C$13.75 in a research report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of C$11.59.

Innergex Renewable Energy Price Performance

The stock has a 50-day simple moving average of C$10.41 and a 200 day simple moving average of C$9.47. The company has a market cap of C$2.78 billion, a PE ratio of -21.76, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44.

Innergex Renewable Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Monday, March 31st. Innergex Renewable Energy’s dividend payout ratio (DPR) 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.