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

Innergex Renewable Energy Inc. (TSE:INE) announced a quarterly dividend on Wednesday, May 8th, Zacks reports. Stockholders of record on Sunday, June 30th will be paid a dividend of 0.09 per share on Monday, July 15th. This represents a $0.36 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend is Friday, June 28th.

Innergex Renewable Energy Price Performance

Shares of TSE INE traded up C$0.03 during trading on Friday, hitting C$8.44. The company had a trading volume of 176,394 shares, compared to its average volume of 763,376. The stock has a fifty day simple moving average of C$8.18 and a two-hundred day simple moving average of C$8.67. Innergex Renewable Energy has a fifty-two week low of C$7.05 and a fifty-two week high of C$14.40. The firm has a market capitalization of C$1.73 billion, a price-to-earnings ratio of -16.49, a price-to-earnings-growth ratio of 20.61 and a beta of 0.35. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 544.43.

Innergex Renewable Energy (TSE:INE) last issued its earnings results on Wednesday, February 21st. The company reported C($0.03) EPS for the quarter, topping analysts’ consensus estimates of C($0.04) by C$0.01. The company had revenue of C$261.53 million for the quarter, compared to the consensus estimate of C$264.85 million. Innergex Renewable Energy had a negative net margin of 9.45% and a negative return on equity of 7.86%. On average, research analysts expect that Innergex Renewable Energy will post 0.0799919 earnings per share for the current year.

Insider Activity at Innergex Renewable Energy

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. 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. BMO Capital Markets lowered their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. Royal Bank of Canada lowered 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 report on Monday, February 12th. CIBC upped their price target on shares of Innergex Renewable Energy from C$9.00 to C$9.50 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Finally, Raymond James reduced their price target on shares of Innergex Renewable Energy from C$15.00 to C$13.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$12.47.

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.