Innergex Renewable Energy (TSE:INE) Stock Passes Above Two Hundred Day Moving Average – What’s Next?

Shares of Innergex Renewable Energy Inc. (TSE:INE) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$10.29 and traded as high as C$13.64. Innergex Renewable Energy shares last traded at C$13.60, with a volume of 774,271 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on INE shares. TD Securities boosted their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday, February 21st. Scotiabank dropped their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. 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. National Bank Financial downgraded shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Raymond James downgraded shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and raised their price target for the stock from C$11.50 to C$13.75 in a report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Trading Down 0.1 %

The stock has a market cap of C$2.79 billion, a price-to-earnings ratio of -21.81, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The company has a 50 day moving average of C$13.52 and a 200-day moving average of C$10.29.

Innergex Renewable Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.36 dividend on an annualized basis and a yield of 2.65%. Innergex Renewable Energy’s dividend payout ratio (DPR) is presently -57.74%.

About Innergex Renewable Energy

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.