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

Innergex Renewable Energy Inc. (TSE:INE) declared a quarterly dividend on Wednesday, May 8th, Zacks reports. Investors 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 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date is Friday, June 28th.

Innergex Renewable Energy Stock Down 1.9 %

Shares of TSE INE opened at C$8.41 on Friday. The stock has a market capitalization of C$1.72 billion, a P/E ratio of -16.49, a PEG ratio of 20.61 and a beta of 0.35. The firm’s 50 day simple moving average is C$8.18 and its two-hundred day simple moving average is C$8.67. Innergex Renewable Energy has a one year low of C$7.05 and a one year high of C$14.40. The company has a debt-to-equity ratio of 544.43, a current ratio of 0.92 and a quick ratio of 0.58.

Innergex Renewable Energy (TSE:INE) last released its quarterly earnings data on Wednesday, February 21st. The company reported C($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of C($0.04) by C$0.01. The firm had revenue of C$261.53 million during the quarter, compared to analyst estimates 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%. As a group, analysts expect that Innergex Renewable Energy will post 0.0799919 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Daniel Lafrance acquired 5,000 shares of the stock in a transaction dated Wednesday, March 13th. The shares were purchased at an average cost of C$8.35 per share, with a total value of C$41,750.00. In other news, Director Daniel Lafrance acquired 5,000 shares of Innergex Renewable Energy stock in a transaction dated Wednesday, March 13th. The stock was purchased at an average cost of C$8.35 per share, with a total value of C$41,750.00. Also, Director Richard Gagnon acquired 3,125 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were purchased at an average price of C$8.13 per share, for a total transaction of C$25,408.75. Insiders purchased a total of 22,125 shares of company stock worth $174,975 over the last quarter. 20.41% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on INE. BMO Capital Markets cut their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Desjardins lowered their target price on shares of Innergex Renewable Energy from C$14.00 to C$13.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. TD Securities dropped their price target on shares of Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. CIBC lifted their target price on Innergex Renewable Energy from C$9.00 to C$9.50 and gave the stock a “neutral” rating in a report on Friday, February 23rd. Finally, Raymond James decreased their price objective on shares of Innergex Renewable Energy from C$15.00 to C$13.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Innergex Renewable Energy presently has an average rating of “Moderate Buy” and an average target price of C$12.47.

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.