Cormark Has Optimistic Outlook of TSE:INE FY2024 Earnings

Innergex Renewable Energy Inc. (TSE:INE) – Cormark raised their FY2024 earnings estimates for shares of Innergex Renewable Energy in a report issued on Monday, October 21st. Cormark analyst N. Boychuk now anticipates that the company will earn ($0.12) per share for the year, up from their prior forecast of ($0.19). Cormark has a “Hold” rating on the stock. The consensus estimate for Innergex Renewable Energy’s current full-year earnings is $0.15 per share. Cormark also issued estimates for Innergex Renewable Energy’s FY2025 earnings at $0.29 EPS.

A number of other research analysts also recently issued reports on the stock. TD Securities downgraded shares of Innergex Renewable Energy from a “buy” rating to a “hold” rating and set a C$10.00 target price on the stock. in a research report on Friday, July 26th. CIBC increased their price target on shares of Innergex Renewable Energy from C$11.00 to C$11.50 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Cibc World Mkts upgraded shares of Innergex Renewable Energy to a “hold” rating in a research report on Monday, July 22nd. National Bankshares increased their price target on shares of 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. Finally, BMO Capital Markets increased their price target on shares of Innergex Renewable Energy from C$11.00 to C$11.50 in a research report on Thursday, September 5th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Innergex Renewable Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of C$12.56.

Innergex Renewable Energy Stock Performance

Innergex Renewable Energy stock opened at C$9.72 on Thursday. The company has a current ratio of 0.57, a quick ratio of 0.58 and a debt-to-equity ratio of 428.86. Innergex Renewable Energy has a 1 year low of C$7.05 and a 1 year high of C$10.96. The company has a market cap of C$1.97 billion, a PE ratio of -14.95, a PEG ratio of 20.61 and a beta of 0.36. The company’s 50-day moving average is C$9.68 and its two-hundred day moving average is C$9.47.

Innergex Renewable Energy (TSE:INE) last released its earnings results on Wednesday, August 7th. The company reported C($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C($0.02) by C($0.01). Innergex Renewable Energy had a negative net margin of 11.96% and a negative return on equity of 9.27%. The business had revenue of C$239.51 million for the quarter, compared to analyst estimates of C$256.60 million.

Innergex Renewable Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.09 per share. The ex-dividend date was Friday, September 27th. This represents a $0.36 annualized dividend and a yield of 3.70%. Innergex Renewable Energy’s dividend payout ratio (DPR) is currently -55.38%.

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.