Innergex Renewable Energy (TSE:INE) Shares Cross Above 200-Day Moving Average of $8.80

Innergex Renewable Energy Inc. (TSE:INE)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$8.80 and traded as high as C$10.52. Innergex Renewable Energy shares last traded at C$10.23, with a volume of 693,218 shares.

Analysts Set New Price Targets

A number of research firms have recently commented on INE. Scotiabank increased their target price on Innergex Renewable Energy from C$10.50 to C$12.50 and gave the company an “outperform” rating in a research report on Wednesday, June 12th. Desjardins lifted their price objective on shares of Innergex Renewable Energy from C$13.00 to C$14.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. National Bankshares upped their target price on shares of Innergex Renewable Energy from C$15.00 to C$16.00 and gave the company an “outperform” rating in a research report on Tuesday, May 28th. Finally, CIBC lifted their price target on Innergex Renewable Energy from C$10.00 to C$11.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 12th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$12.06.

Innergex Renewable Energy Trading Down 1.8 %

The company has a debt-to-equity ratio of 546.12, a current ratio of 0.74 and a quick ratio of 0.58. The firm has a market capitalization of C$2.08 billion, a PE ratio of -15.98, a price-to-earnings-growth ratio of 20.61 and a beta of 0.34. The stock’s 50-day moving average price is C$9.39 and its 200 day moving average price is C$8.80.

Innergex Renewable Energy (TSE:INE) last released its quarterly earnings data on Wednesday, May 8th. The company reported C($0.11) EPS for the quarter, hitting the consensus estimate of C($0.11). Innergex Renewable Energy had a negative return on equity of 10.13% and a negative net margin of 11.78%. The company had revenue of C$242.54 million for the quarter, compared to the consensus estimate of C$240.80 million. On average, sell-side analysts expect that Innergex Renewable Energy Inc. will post 0.0799919 EPS for the current fiscal year.

Innergex Renewable Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 15th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend is Friday, June 28th. Innergex Renewable Energy’s payout ratio is -56.25%.

Insider Activity

In related news, Director Patrick Loulou bought 11,000 shares of the stock in a transaction on Thursday, June 20th. The stock was bought at an average price of C$10.25 per share, for a total transaction of C$112,750.00. Company insiders own 20.44% of the company’s stock.

Innergex Renewable Energy Company Profile

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.