Innergex Renewable Energy (TSE:INE) Stock Passes Above 200-Day Moving Average - What's Next?

Shares of Innergex Renewable Energy Inc. (TSE:INE - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$9.84 and traded as high as C$13.55. Innergex Renewable Energy shares last traded at C$13.55, with a volume of 712,488 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on INE. National Bankshares cut shares of Innergex Renewable Energy from an "outperform" rating to a "sector perform" rating and lowered their price target for the company from C$16.00 to C$13.75 in a research report on Wednesday, February 26th. Raymond James cut Innergex Renewable Energy from an "outperform" rating to a "market perform" rating and boosted their price target for the stock from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. Desjardins cut Innergex Renewable Energy from a "buy" rating to a "tender" rating and lowered their price objective for the company from C$14.50 to C$13.75 in a research note on Wednesday, February 26th. Cormark cut their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Finally, Scotiabank reduced their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, Innergex Renewable Energy presently has an average rating of "Hold" and an average target price of C$11.59.

Innergex Renewable Energy Price Performance

The firm has a 50-day moving average of C$11.98 and a 200 day moving average of C$9.84. The company has a market capitalization of C$2.78 billion, a PE ratio of -21.73, a PEG ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58.

Innergex Renewable Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.66%. Innergex Renewable Energy's dividend payout ratio is presently -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.

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