Innergex Renewable Energy Inc. (TSE:INE) Receives Average Rating of “Moderate Buy” from Brokerages

Innergex Renewable Energy Inc. (TSE:INE) has received a consensus rating of “Moderate Buy” from the seven ratings firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is C$12.59.

A number of brokerages recently issued reports on INE. TD Securities reduced their target price on Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Royal Bank of Canada reduced their target price on Innergex Renewable Energy from C$13.00 to C$11.00 and set a “sector perform” rating for the company in a research note on Monday, February 12th. Raymond James reduced their target price on Innergex Renewable Energy from C$15.00 to C$13.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. CIBC raised their target price on Innergex Renewable Energy from C$9.00 to C$9.50 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. Finally, BMO Capital Markets reduced their target price on 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.

Innergex Renewable Energy Stock Down 0.4 %

Shares of TSE INE opened at C$7.94 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 544.43. The stock has a market capitalization of C$1.62 billion, a PE ratio of -15.57, a price-to-earnings-growth ratio of 20.61 and a beta of 0.35. The stock’s fifty day simple moving average is C$8.04 and its two-hundred day simple moving average is C$8.76. Innergex Renewable Energy has a 12-month low of C$7.05 and a 12-month high of C$14.40.

Innergex Renewable Energy (TSE:INE) last issued 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 return on equity of 7.86% and a negative net margin of 9.45%. The firm had revenue of C$261.53 million during the quarter, compared to analyst estimates of C$264.85 million. As a group, analysts expect that Innergex Renewable Energy will post 0.0799919 EPS for the current fiscal year.

Innergex Renewable Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 15th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 4.53%. The ex-dividend date was Wednesday, March 27th. Innergex Renewable Energy’s payout ratio is -70.59%.

Insiders Place Their Bets

In other Innergex Renewable Energy news, Director Daniel Lafrance bought 5,000 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were acquired at an average cost of C$8.35 per share, with a total value of C$41,750.00. In other Innergex Renewable Energy news, Director Daniel Lafrance bought 5,000 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were acquired at an average cost of C$8.35 per share, with a total value of C$41,750.00. Also, Senior Officer Jean Trudel purchased 13,000 shares of Innergex Renewable Energy stock in a transaction dated Monday, February 26th. The shares were purchased at an average cost of C$7.68 per share, for a total transaction of C$99,840.00. Insiders have acquired 22,125 shares of company stock valued at $174,975 in the last ninety days. 20.41% of the stock is currently owned by corporate insiders.

About Innergex Renewable Energy

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.