Innergex Renewable Energy Inc. (TSE:INE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Innergex Renewable Energy Inc. (TSE:INE) has been given an average rating of “Moderate Buy” by the eight analysts that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is C$12.19.

A number of research firms have commented on INE. Desjardins raised their target price on shares of Innergex Renewable Energy from C$13.00 to C$14.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Scotiabank lifted their target price on shares of Innergex Renewable Energy from C$10.50 to C$12.50 and gave the company an “outperform” rating in a research note on Wednesday, June 12th. National Bankshares upped their target price on shares of Innergex Renewable Energy from C$16.00 to C$17.00 and gave the stock an “outperform” rating in a report on Thursday, July 4th. Finally, CIBC raised their price target on Innergex Renewable Energy from C$10.00 to C$11.00 and gave the company a “neutral” rating in a report on Wednesday, June 12th.

Innergex Renewable Energy Price Performance

Shares of TSE:INE opened at C$10.41 on Thursday. The company has a quick ratio of 0.58, a current ratio of 0.74 and a debt-to-equity ratio of 546.12. The stock has a market capitalization of C$2.12 billion, a PE ratio of -16.27, a price-to-earnings-growth ratio of 20.61 and a beta of 0.34. The firm’s 50 day moving average price is C$9.72 and its 200-day moving average price is C$8.86. Innergex Renewable Energy has a twelve month low of C$7.05 and a twelve month high of C$13.44.

Innergex Renewable Energy (TSE:INE) last issued its quarterly earnings results on Wednesday, May 8th. The company reported C($0.11) earnings per share for the quarter, hitting the consensus estimate of C($0.11). Innergex Renewable Energy had a negative net margin of 11.78% and a negative return on equity of 10.13%. The business had revenue of C$242.54 million for the quarter, compared to analysts’ expectations of C$240.80 million. Equities research analysts expect that Innergex Renewable Energy will post 0.0799919 EPS for the current year.

Innergex Renewable Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 15th will be given a $0.09 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.46%. Innergex Renewable Energy’s dividend payout ratio is currently -56.25%.

Insider Buying and Selling at Innergex Renewable Energy

In other news, Director Patrick Loulou acquired 11,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were acquired at an average cost of C$10.25 per share, with a total value of C$112,750.00. 20.44% 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.