Raymond James Analysts Cut Earnings Estimates for Innergex Renewable Energy Inc. (TSE:INE)

Innergex Renewable Energy Inc. (TSE:INE) – Stock analysts at Raymond James reduced their Q1 2024 earnings estimates for Innergex Renewable Energy in a research note issued on Thursday, April 25th. Raymond James analyst D. Quezada now forecasts that the company will earn ($0.06) per share for the quarter, down from their previous estimate of $0.04. Raymond James currently has a “Outperform” rating and a $13.00 price target on the stock. The consensus estimate for Innergex Renewable Energy’s current full-year earnings is $0.08 per share. Raymond James also issued estimates for Innergex Renewable Energy’s Q3 2024 earnings at $0.01 EPS, Q4 2024 earnings at $0.02 EPS, FY2024 earnings at ($0.03) EPS and FY2025 earnings at $0.12 EPS.

Innergex Renewable Energy (TSE:INE) last released its quarterly earnings results 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. Innergex Renewable Energy had a negative net margin of 9.45% and a negative return on equity of 7.86%. The business had revenue of C$261.53 million for the quarter, compared to the consensus estimate of C$264.85 million.

A number of other equities research analysts also recently issued reports on INE. TD Securities reduced their price objective on shares of Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. BMO Capital Markets reduced their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. CIBC increased their price objective on shares of Innergex Renewable Energy from C$9.00 to C$9.50 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. Royal Bank of Canada reduced their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.00 and set a “sector perform” rating on the stock in a research note on Monday, February 12th. Finally, National Bankshares increased their price objective on shares of Innergex Renewable Energy from C$15.75 to C$17.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 9th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$12.47.

Innergex Renewable Energy Trading Up 0.5 %

Shares of Innergex Renewable Energy stock opened at C$8.03 on Monday. The company has a market capitalization of C$1.64 billion, a price-to-earnings ratio of -15.75, a PEG ratio of 20.61 and a beta of 0.35. The company has a quick ratio of 0.58, a current ratio of 0.92 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 firm’s 50-day moving average price is C$8.07 and its two-hundred day moving average price is C$8.71.

Insider Activity at Innergex Renewable Energy

In other news, Director Richard Gagnon bought 3,125 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was acquired at an average price of C$8.13 per share, with a total value of C$25,408.75. In other news, Director Richard Gagnon bought 3,125 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was acquired at an average price of C$8.13 per share, with a total value of C$25,408.75. Also, Director Daniel Lafrance bought 5,000 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were purchased at an average cost of C$8.35 per share, with a total value of C$41,750.00. Insiders acquired a total of 22,125 shares of company stock worth $174,975 in the last quarter. 20.41% of the stock is owned by insiders.

Innergex Renewable Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 15th were issued a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.36 dividend on an annualized basis and a yield of 4.48%. Innergex Renewable Energy’s dividend payout ratio (DPR) is presently -70.59%.

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.