Innergex Renewable Energy Inc. to Issue Quarterly Dividend of $0.09 (TSE:INE)

Innergex Renewable Energy Inc. (TSE:INE) declared a quarterly dividend on Wednesday, May 8th, Zacks reports. Stockholders of record on Sunday, June 30th will be given a dividend of 0.09 per share on Monday, July 15th. This represents a $0.36 annualized dividend and a dividend yield of 4.28%. The ex-dividend date of this dividend is Friday, June 28th.

Innergex Renewable Energy Stock Performance

Shares of Innergex Renewable Energy stock opened at C$8.41 on Friday. The company has a debt-to-equity ratio of 544.43, a current ratio of 0.92 and a quick ratio of 0.58. The firm has a market cap of C$1.72 billion, a price-to-earnings ratio of -16.49, a price-to-earnings-growth ratio of 20.61 and a beta of 0.35. Innergex Renewable Energy has a one year low of C$7.05 and a one year high of C$14.40. The stock’s 50-day moving average is C$8.18 and its 200-day moving average is C$8.67.

Innergex Renewable Energy (TSE:INE) last announced its quarterly earnings data on Wednesday, February 21st. The company reported C($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C($0.04) by C$0.01. The company had revenue of C$261.53 million for the quarter, compared to analysts’ expectations of C$264.85 million. Innergex Renewable Energy had a negative return on equity of 7.86% and a negative net margin of 9.45%. Equities analysts predict that Innergex Renewable Energy will post 0.0799919 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on INE. BMO Capital Markets lowered their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Desjardins decreased their target price on shares of Innergex Renewable Energy from C$14.00 to C$13.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. CIBC raised their price target on Innergex Renewable Energy from C$9.00 to C$9.50 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Royal Bank of Canada cut their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.00 and set a “sector perform” rating for the company in a research report on Monday, February 12th. Finally, TD Securities dropped their target price on shares of Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating for the company in a research report on Wednesday, February 14th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of C$12.47.

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.