Innergex Renewable Energy (TSE:INE) Sets New 12-Month High – Still a Buy?

Shares of Innergex Renewable Energy Inc. (TSE:INE) reached a new 52-week high on Monday . The company traded as high as C$13.79 and last traded at C$13.78, with a volume of 134121 shares. The stock had previously closed at C$13.78.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on INE shares. TD Securities lifted their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday, February 21st. National Bank Financial cut shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Desjardins lowered shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and cut their price objective for the company from C$14.50 to C$13.75 in a report on Wednesday, February 26th. National Bankshares cut shares of Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from C$16.00 to C$13.75 in a research note on Wednesday, February 26th. Finally, Raymond James cut shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and upped their target price for the company from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of C$11.59.

Innergex Renewable Energy Stock Performance

The firm has a market cap of C$2.83 billion, a P/E ratio of -22.10, a PEG ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The stock’s 50-day moving average is C$13.61 and its 200 day moving average is C$11.10.

Innergex Renewable Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date was Monday, March 31st. Innergex Renewable Energy’s dividend payout ratio is currently -57.74%.

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.