Innergex Renewable Energy (TSE:INE) Price Target Lowered to C$13.00 at Desjardins

Innergex Renewable Energy (TSE:INE) had its target price reduced by Desjardins from C$14.00 to C$13.00 in a report issued on Tuesday morning, BayStreet.CA reports. They currently have a buy rating on the stock.

Several other equities analysts also recently commented on INE. BMO Capital Markets dropped their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.00 and set an outperform rating for the company in a research note on Thursday, February 22nd. 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 on the stock in a report on Monday, February 12th. CIBC increased their price target on Innergex Renewable Energy from C$9.00 to C$9.50 and gave the company a neutral rating in a research report on Friday, February 23rd. National Bankshares boosted their price objective on Innergex Renewable Energy from C$15.75 to C$17.00 and gave the stock an outperform rating in a research report on Tuesday, January 9th. Finally, Raymond James cut their target price on shares of 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. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of C$12.47.

Innergex Renewable Energy Stock Performance

TSE:INE opened at C$8.48 on Tuesday. The company has a 50 day moving average price of C$8.12 and a 200 day moving average price of C$8.70. Innergex Renewable Energy has a fifty-two week low of C$7.05 and a fifty-two week high of C$14.40. The company has a debt-to-equity ratio of 544.43, a quick ratio of 0.58 and a current ratio of 0.92. The stock has a market capitalization of C$1.73 billion, a P/E ratio of -16.49, a PEG ratio of 20.61 and a beta of 0.35.

Innergex Renewable Energy (TSE:INE) last posted its quarterly earnings data on Wednesday, February 21st. The company reported C($0.03) EPS for the quarter, beating the consensus estimate of C($0.04) by C$0.01. Innergex Renewable Energy had a negative net margin of 9.45% and a negative return on equity of 7.86%. The business had revenue of C$261.53 million during the quarter, compared to analyst estimates of C$264.85 million. Equities research analysts forecast that Innergex Renewable Energy will post 0.0799919 EPS for the current year.

Innergex Renewable Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 15th were issued a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 4.25%. Innergex Renewable Energy’s payout ratio is currently -70.59%.

Insider Transactions at Innergex Renewable Energy

In other Innergex Renewable Energy news, Senior Officer Jean Trudel purchased 13,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average cost of C$7.68 per share, with a total value of C$99,840.00. In related news, Director Richard Gagnon acquired 3,125 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was bought at an average price of C$8.13 per share, for a total transaction of C$25,408.75. Also, Senior Officer Jean Trudel bought 13,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were purchased at an average price of C$7.68 per share, for a total transaction of C$99,840.00. In the last 90 days, insiders have acquired 22,125 shares of company stock valued at $174,975. Corporate insiders own 20.41% of the company’s stock.

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.