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Innergex Renewable Energy (TSE:INE) Sets New 52-Week Low - What's Next?

Published January 30, 2025

Innergex Renewable Energy Inc. (TSE:INE - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday. The company saw its share price dip to as low as C$7.05, with the most recent trading price at C$7.19. This marked a significant drop from the previous closing price of C$7.47, with 809,740 shares traded during the session.

Analysts Set New Price Targets

Several analysts have recently updated their price targets for Innergex Renewable Energy. CIBC reduced its price objective from C$11.50 to C$11.00 in a report issued on November 7th. Similarly, Scotiabank lowered its target from C$12.50 to C$11.50 on the same day. Currently, five analysts have given the stock a hold rating while five others have assigned it a buy rating. According to MarketBeat, the overall consensus rating for the company is a 'Moderate Buy' with a consensus price target of C$12.38.

Latest Research Report on Innergex Renewable Energy

Innergex Renewable Energy Price Performance

The financial health of Innergex is measured with a current ratio of 0.57 and a quick ratio of 0.58, indicating challenges in meeting short-term liabilities. The company has a high debt-to-equity ratio of 428.86. Over the past few months, the stock has shown a fifty-day simple moving average of C$8.21 and a 200-day simple moving average of C$9.14. As for its market position, Innergex boasts a market capitalization of C$1.45 billion, with a price-to-earnings ratio of -11.00 and a price-to-earnings-growth ratio of 20.61.

In its recent earnings announcement made on November 6th, Innergex revealed an earnings per share (EPS) of C$0.05 for the quarter, surpassing analysts’ expectations of C$0.03. However, the company faced a negative net margin of 11.96% and a negative return on equity of 9.27%. Comparatively, the same quarter last year saw an EPS of C$0.03. Analysts project an EPS of approximately C$0.15 for Innergex for the current year.

Innergex Renewable Energy Dividend Announcement

In a recent announcement, Innergex disclosed a quarterly dividend that was paid on January 15th. Shareholders recorded on December 31st received a dividend of $0.09 per share, leading to an annualized dividend of $0.36 and a dividend yield of 5.03%. The ex-dividend date was also set for December 31st. It is worth noting that Innergex Renewable Energy has a negative dividend payout ratio of -55.38%.

Innergex Renewable Energy Company Profile

For more than three decades, Innergex has maintained a vision where abundant renewable energy fosters healthier communities and shared prosperity. This philosophy earned Innergex recognition as one of Canada's best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer, Innergex specializes in the development, acquisition, ownership, and operation of hydroelectric facilities, wind farms, solar farms, and energy storage solutions. The company strongly believes that harnessing power from renewable sources will lead to a brighter future.

Should You Invest $1,000 in Innergex Renewable Energy Right Now?

If you are considering investing in Innergex Renewable Energy, it is advisable to check the latest insights from top analysts and research firms. Despite the current 'Moderate Buy' rating for Innergex, leading analysts have identified five other stocks that may present better investment opportunities.