Cormark Has Optimistic Outlook of TSE:INE FY2024 Earnings

Innergex Renewable Energy Inc. (TSE:INE - Free Report) - Cormark increased their FY2024 earnings per share estimates for Innergex Renewable Energy in a research note issued on Monday, October 21st. Cormark analyst N. Boychuk now expects that the company will post earnings per share of ($0.12) for the year, up from their prior forecast of ($0.19). Cormark has a "Hold" rating on the stock. The consensus estimate for Innergex Renewable Energy's current full-year earnings is $0.15 per share. Cormark also issued estimates for Innergex Renewable Energy's FY2025 earnings at $0.29 EPS.

A number of other brokerages have also commented on INE. CIBC raised their price target on Innergex Renewable Energy from C$11.00 to C$11.50 and gave the stock a "neutral" rating in a research note on Monday, July 22nd. TD Securities lowered Innergex Renewable Energy from a "buy" rating to a "hold" rating and set a C$10.00 price objective for the company. in a research report on Friday, July 26th. National Bankshares raised their price objective on Innergex Renewable Energy from C$16.00 to C$17.00 and gave the company an "outperform" rating in a research report on Thursday, July 4th. Cibc World Mkts raised Innergex Renewable Energy to a "hold" rating in a research report on Monday, July 22nd. Finally, BMO Capital Markets raised their price objective on Innergex Renewable Energy from C$11.00 to C$11.50 in a research report on Thursday, September 5th. Five 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, the company currently has an average rating of "Moderate Buy" and an average target price of C$12.56.

Innergex Renewable Energy Trading Down 0.9 %

INE stock traded down C$0.09 on Thursday, reaching C$9.63. The company's stock had a trading volume of 616,592 shares, compared to its average volume of 656,580. The business has a fifty day simple moving average of C$9.68 and a two-hundred day simple moving average of C$9.47. Innergex Renewable Energy has a 12-month low of C$7.05 and a 12-month high of C$10.96. The firm has a market cap of C$1.95 billion, a PE ratio of -14.95, a PEG ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 428.86, a quick ratio of 0.58 and a current ratio of 0.57.

Innergex Renewable Energy (TSE:INE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported C($0.03) EPS for the quarter, missing analysts' consensus estimates of C($0.02) by C($0.01). Innergex Renewable Energy had a negative return on equity of 9.27% and a negative net margin of 11.96%. The business had revenue of C$239.51 million during the quarter, compared to analysts' expectations of C$256.60 million.

Innergex Renewable Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 15th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 3.74%. The ex-dividend date was Friday, September 27th. Innergex Renewable Energy's dividend payout ratio is presently -55.38%.

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.