Cormark Cuts Innergex Renewable Energy (TSE:INE) Price Target to C$9.50

Innergex Renewable Energy (TSE:INE) had its price target lowered by Cormark from C$10.00 to C$9.50 in a research note published on Thursday morning,BayStreet.CA reports.

Several other research firms have also weighed in on INE. CIBC lowered their target price on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Scotiabank decreased their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of C$11.94.

Innergex Renewable Energy Stock Performance

TSE INE opened at C$7.28 on Thursday. Innergex Renewable Energy has a twelve month low of C$7.05 and a twelve month high of C$10.96. The company has a quick ratio of 0.58, a current ratio of 0.57 and a debt-to-equity ratio of 428.86. The stock has a market cap of C$1.48 billion, a P/E ratio of -11.20, a PEG ratio of 20.61 and a beta of 0.36. The company’s 50-day simple moving average is C$8.13 and its 200 day simple moving average is C$9.08.

Innergex Renewable Energy (TSE:INE) last posted its earnings results on Wednesday, November 6th. The company reported C$0.05 EPS for the quarter, topping the consensus estimate of C$0.03 by C$0.02. Innergex Renewable Energy had a negative return on equity of 9.27% and a negative net margin of 11.96%. During the same quarter in the prior year, the firm posted $0.03 earnings per share. As a group, research analysts forecast that Innergex Renewable Energy will post 0.1549878 earnings per share for the current fiscal year.

Innergex Renewable Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.36 annualized dividend and a dividend yield of 4.95%. Innergex Renewable Energy’s dividend payout ratio (DPR) is currently -55.38%.

About Innergex Renewable Energy

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.