Innergex Renewable Energy Inc. Forecasted to Earn Q1 2024 Earnings of ($0.19) Per Share (TSE:INE)

Innergex Renewable Energy Inc. (TSE:INE) – Cormark issued their Q1 2024 earnings estimates for Innergex Renewable Energy in a research report issued on Wednesday, May 1st. Cormark analyst N. Boychuk anticipates that the company will post earnings of ($0.19) per share for the quarter. The consensus estimate for Innergex Renewable Energy’s current full-year earnings is $0.08 per share. Cormark also issued estimates for Innergex Renewable Energy’s FY2024 earnings at ($0.20) EPS.

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

Other equities research analysts also recently issued reports about the company. TD Securities dropped their target price on Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating on the stock in a report on Wednesday, February 14th. BMO Capital Markets dropped their price objective 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. Royal Bank of Canada decreased their target price 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 note on Monday, February 12th. Raymond James dropped their price target on shares of Innergex Renewable Energy from C$15.00 to C$13.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Finally, National Bankshares upped their price objective on shares of Innergex Renewable Energy from C$15.75 to C$17.00 and gave the company an “outperform” rating in a research report on Tuesday, January 9th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$12.47.

Innergex Renewable Energy Trading Up 0.8 %

Shares of INE opened at C$8.48 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. Innergex Renewable Energy has a 12 month low of C$7.05 and a 12 month high of C$14.40. The stock has a market cap of C$1.73 billion, a PE ratio of -16.63, a P/E/G ratio of 20.61 and a beta of 0.35. The stock’s 50-day moving average is C$8.13 and its two-hundred day moving average is C$8.68.

Innergex Renewable Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 15th were paid a $0.09 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 4.25%. Innergex Renewable Energy’s dividend payout ratio (DPR) is presently -70.59%.

Insider Buying and Selling at Innergex Renewable Energy

In other news, Director Richard Gagnon purchased 3,125 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were acquired at an average cost of C$8.13 per share, with a total value of C$25,408.75. In related news, Director Richard Gagnon bought 3,125 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was bought at an average cost of C$8.13 per share, for a total transaction of C$25,408.75. Also, Senior Officer Jean Trudel acquired 13,000 shares of Innergex Renewable Energy stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average price of C$7.68 per share, with a total value of C$99,840.00. Insiders have bought 22,125 shares of company stock worth $174,975 over the last quarter. 20.41% of the stock is owned by corporate insiders.

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.