Innergex Renewable Energy (TSE:INE) Given New C$11.50 Price Target at CIBC

Innergex Renewable Energy (TSE:INE) had its price objective hoisted by CIBC from C$11.00 to C$11.50 in a research note released on Monday morning, BayStreet.CA reports. The firm currently has a neutral rating on the stock.

Other equities research analysts have also issued research reports about the company. Scotiabank increased their price target 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 increased their price target on Innergex Renewable Energy from C$13.00 to C$14.00 and gave the company a buy rating in a research report on Thursday, June 6th. Finally, National Bankshares increased their price target 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. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of C$12.25.

Innergex Renewable Energy Price Performance

INE opened at C$9.74 on Monday. The stock’s 50-day moving average price is C$10.08 and its 200 day moving average price is C$8.95. Innergex Renewable Energy has a 12-month low of C$7.05 and a 12-month high of C$13.34. The company has a current ratio of 0.74, a quick ratio of 0.58 and a debt-to-equity ratio of 546.12. The firm has a market cap of C$1.98 billion, a price-to-earnings ratio of -15.22, a PEG ratio of 20.61 and a beta of 0.34.

Innergex Renewable Energy (TSE:INE) last posted its earnings results on Wednesday, May 8th. The company reported C($0.11) earnings per share (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 firm had revenue of C$242.54 million for the quarter, compared to analyst estimates of C$240.80 million. As a group, sell-side analysts expect that Innergex Renewable Energy will post 0.0799919 earnings per share for the current year.

Innergex Renewable Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, July 15th were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.70%. Innergex Renewable Energy’s payout ratio is currently -56.25%.

Insider Buying and Selling

In other news, Director Patrick Loulou purchased 11,000 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were purchased at an average price of C$10.25 per share, for a total transaction of C$112,750.00. 20.44% of the stock is currently owned by company insiders.

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.