National Bank Financial Weighs in on Innergex Renewable Energy Inc.’s Q2 2024 Earnings (TSE:INE)

Innergex Renewable Energy Inc. (TSE:INE) – Research analysts at National Bank Financial decreased their Q2 2024 earnings estimates for Innergex Renewable Energy in a note issued to investors on Thursday, May 9th. National Bank Financial analyst R. Merer now forecasts that the company will post earnings of $0.00 per share for the quarter, down from their prior estimate of $0.02. The consensus estimate for Innergex Renewable Energy’s current full-year earnings is $0.08 per share. National Bank Financial also issued estimates for Innergex Renewable Energy’s Q3 2024 earnings at $0.05 EPS and FY2025 earnings at $0.56 EPS.

A number of other equities research analysts also recently commented on INE. TD Securities decreased their target price on Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating for the company in a report on Wednesday, February 14th. Desjardins dropped their target price on Innergex Renewable Energy from C$14.00 to C$13.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. CIBC raised their price objective on shares of Innergex Renewable Energy from C$9.50 to C$10.00 in a research note on Friday, May 10th. Royal Bank of Canada decreased their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.00 and set a “sector perform” rating for the company in a research note on Monday, February 12th. Finally, BMO Capital Markets decreased their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Innergex Renewable Energy presently has a consensus rating of “Moderate Buy” and an average price target of C$12.53.

Innergex Renewable Energy Trading Down 1.7 %

TSE INE opened at C$8.43 on Monday. The stock has a market cap of C$1.72 billion, a P/E ratio of -16.53, a P/E/G ratio of 20.61 and a beta of 0.35. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 544.43. Innergex Renewable Energy has a 12-month low of C$7.05 and a 12-month high of C$14.40. The company has a fifty day simple moving average of C$8.18 and a two-hundred day simple moving average of C$8.66.

Innergex Renewable Energy (TSE:INE) last issued its quarterly earnings data on Wednesday, February 21st. The company reported C($0.03) EPS for the quarter, beating the consensus estimate of C($0.04) by C$0.01. The firm had revenue of C$261.53 million during the quarter, compared to analyst estimates of C$264.85 million. Innergex Renewable Energy had a negative return on equity of 7.86% and a negative net margin of 9.45%.

Innergex Renewable Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Sunday, June 30th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 4.27%. The ex-dividend date of this dividend is Friday, June 28th. Innergex Renewable Energy’s payout ratio is -70.59%.

Insider Buying and Selling

In other news, Senior Officer Jean Trudel acquired 13,000 shares of Innergex Renewable Energy stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average cost of C$7.68 per share, with a total value of C$99,840.00. In other Innergex Renewable Energy news, Director Richard Gagnon acquired 3,125 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was bought at an average price of C$8.13 per share, for a total transaction of C$25,408.75. Also, Senior Officer Jean Trudel acquired 13,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of C$7.68 per share, with a total value of C$99,840.00. In the last three months, insiders have bought 22,125 shares of company stock worth $174,975. Insiders own 20.41% 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.