FY2024 Earnings Estimate for TSE:INE Issued By Cormark

Innergex Renewable Energy Inc. (TSE:INE) – Cormark increased their FY2024 earnings per share (EPS) estimates for Innergex Renewable Energy in a note issued to investors on Monday, October 21st. Cormark analyst N. Boychuk now forecasts that the company will post earnings per share of ($0.12) for the year, up from their previous 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 research firms have also recently weighed in on INE. National Bankshares upped their target price on shares of Innergex Renewable Energy from C$16.00 to C$17.00 and gave the company an “outperform” rating in a research note on Thursday, July 4th. TD Securities downgraded shares of Innergex Renewable Energy from a “buy” rating to a “hold” rating and set a C$10.00 price target for the company. in a report on Friday, July 26th. Cibc World Mkts raised shares of Innergex Renewable Energy to a “hold” rating in a research note on Monday, July 22nd. BMO Capital Markets lifted their target price on shares of Innergex Renewable Energy from C$11.00 to C$11.50 in a research note on Thursday, September 5th. Finally, CIBC lifted their price objective on shares of 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. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Innergex Renewable Energy currently has an average rating of “Moderate Buy” and an average price target of C$12.56.

Innergex Renewable Energy Stock Down 0.9 %

INE opened at C$9.63 on Thursday. Innergex Renewable Energy has a 1-year low of C$7.05 and a 1-year high of C$10.96. The business has a 50 day moving average of C$9.68 and a 200-day moving average of C$9.48. The stock has a market capitalization of C$1.95 billion, a price-to-earnings ratio of -14.82, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a current ratio of 0.57, a quick ratio of 0.58 and a debt-to-equity ratio of 428.86.

Innergex Renewable Energy (TSE:INE) last announced its earnings results on Wednesday, August 7th. The company reported C($0.03) earnings per share for the quarter, missing the consensus estimate of C($0.02) by C($0.01). The business had revenue of C$239.51 million for the quarter, compared to the consensus estimate of C$256.60 million. Innergex Renewable Energy had a negative net margin of 11.96% and a negative return on equity of 9.27%.

Innergex Renewable Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 15th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 3.74%. The ex-dividend date was Friday, September 27th. Innergex Renewable Energy’s 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.