Innergex Renewable Energy Inc. (TSE:INE – Get Rating) – National Bank Financial cut its Q2 2022 earnings estimates for Innergex Renewable Energy shares in a research report delivered to clients and investors on Wednesday, July 27. National Bank Financial analyst R. Merer now expects the company to post earnings of $0.07 per share for the quarter, down from its previous forecast of $0.10. The consensus estimate of Innergex Renewable Energy’s current annual earnings is $0.44 per share. National Bank Financial also released earnings estimates for Innergex Renewable Energy’s fiscal year 2023 at $0.44 per share.
Innergex Renewable Energy (TSE:INE – Get Rating) last announced its results on Tuesday, May 10. The company reported earnings per share C ($0.02) for the quarter, beating the consensus estimate of C ($0.04) by C$0.02. The company posted revenue of C$188.72 million for the quarter, compared to C$181.30 million expected by analysts.
Several other research analysts have also recently published reports on the INE. TD Securities upgraded shares of Innergex Renewable Energy from a “hold” rating to a “buy” rating and lowered its target price for the company from C$21.00 to C$19.00 in a report from the Thursday May 12. Raymond James set a price target of C$24.00 on Innergex Renewable Energy shares and gave the stock an “outperform” rating in a Thursday, May 12 research note. CIBC raised its price target on Innergex Renewable Energy shares from C$21.00 to C$22.00 in a Thursday, July 21 research note. CSFB raised the target price of its Innergex Renewable Energy shares from C$24.00 to C$25.00 in a Wednesday, April 20 research note. Finally, Credit Suisse Group reduced its price target on Innergex Renewable Energy shares from CA$25.00 to CA$24.00 and set an “outperform” rating for the company in a research note from the Monday July 25. Two investment analysts gave the stock a hold rating and eight gave the stock a buy rating. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of C$23.11.
Innergex’s renewable energy exchanges increase by 1.5%
Shares of TSE:INE opened at C$19.24 on Monday. Innergex Renewable Energy has a 52 week low of C$15.89 and a 52 week high of C$22.03. The company’s 50-day moving average is C$17.86 and its two-hundred-day moving average is C$18.10. The company has a current ratio of 0.59, a quick ratio of 0.44 and a debt ratio of 309.01. The company has a market capitalization of C$3.93 billion and a PE ratio of -202.53.
In addition, director Richard Gagnon purchased 1,520 shares in a transaction that took place on Thursday, May 12. The shares were acquired at an average price of CA$16.46 per share, with a total value of CA$25,019.20. Following the purchase, the director now owns 5,170 shares of the company, valued at approximately C$85,098.20.
Innergex Renewable Energy Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 15. Shareholders of record on Thursday, June 30 received a dividend of $0.18 per share. The ex-dividend date was Wednesday, June 29. This represents an annualized dividend of $0.72 and a yield of 3.74%. Innergex Renewable Energy’s payout ratio is currently -757.89%.
Innergex Renewable Energy Company Profile
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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 hydroelectric power stations, wind and solar farms as well as energy storage facilities. The Company operates through three segments: hydroelectric power generation, wind power generation and solar power generation.
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