Innergex Renewable Energy (TSE:INE) Hits New 1-Year High - Here's Why

Innergex Renewable Energy Inc. (TSE:INE - Get Free Report)'s stock price hit a new 52-week high on Wednesday . The company traded as high as C$13.59 and last traded at C$13.58, with a volume of 827609 shares trading hands. The stock had previously closed at C$13.55.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Scotiabank cut their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Desjardins lowered shares of Innergex Renewable Energy from a "buy" rating to a "tender" rating and dropped their price objective for the stock from C$14.50 to C$13.75 in a report on Wednesday, February 26th. TD Securities lifted their target price on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a "hold" rating in a research note on Friday, February 21st. Cormark dropped their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Finally, Raymond James lowered Innergex Renewable Energy from an "outperform" rating to a "market perform" rating and boosted their price objective for the stock from C$11.50 to C$13.75 in a research note on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, Innergex Renewable Energy presently has a consensus rating of "Hold" and an average price target of C$11.59.

Innergex Renewable Energy Price Performance

The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The company has a market cap of C$2.78 billion, a P/E ratio of -21.76, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The firm's 50 day moving average price is C$10.41 and its 200-day moving average price is C$9.47.

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Innergex Renewable Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be given a $0.09 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.65%. Innergex Renewable Energy's dividend payout ratio is -57.74%.

Innergex Renewable Energy Company Profile

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.