Innergex Renewable Energy (TSE:INE) Hits New 1-Year Low – Time to Sell?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as C$7.05 and last traded at C$7.19, with a volume of 809740 shares. The stock had previously closed at C$7.47.

Wall Street Analysts Forecast Growth

INE has been the subject of a number of recent research reports. Scotiabank decreased their price objective on Innergex Renewable Energy from C$12.50 to C$11.50 in a report on Thursday, November 7th. CIBC reduced their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$12.38.

Innergex Renewable Energy Price Performance

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 business’s 50 day simple moving average is C$8.21 and its two-hundred day simple moving average is C$9.14. The stock has a market capitalization of C$1.45 billion, a P/E ratio of -11.00, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy (TSE:INE) last issued its quarterly earnings data on Wednesday, November 6th. The company reported C$0.05 EPS for the quarter, topping analysts’ consensus estimates 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 last year, the company posted $0.03 earnings per share. As a group, sell-side analysts forecast that Innergex Renewable Energy Inc. will post 0.1549878 earnings per share for the current fiscal year.

Innergex Renewable Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 5.03%. The ex-dividend date was Tuesday, December 31st. Innergex Renewable Energy’s payout ratio 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.