Innergex Renewable Energy (TSE:INE) Hits 52-Week Low - Here's What to Expect

Innergex Renewable Energy Inc. (TSE:INE) has seen its share price drop to a new 52-week low during trading on Wednesday, reaching as low as C$7.05 before closing at C$7.19. The trading volume for the day stood at 809,740 shares, a notable change from its previous close at C$7.47.

Analyst Price Adjustments

The stock has recently been a focus within the analyst community. Notably, CIBC lowered its price target for Innergex from C$11.50 to C$11.00 in a report released on November 7th. Scotiabank also adjusted its price target for the company, reducing it from C$12.50 to C$11.50 in the same week. Currently, five analysts have assigned a hold rating for the stock, while five more have given it a buy rating. According to MarketBeat, Innergex holds a consensus rating of "Moderate Buy" with an average price target of C$12.38.

Innergex's Price Trends

As for financial metrics, Innergex boasts a current ratio of 0.57 and a quick ratio of 0.58, alongside a high debt-to-equity ratio of 428.86. Over the past fifty days, the stock exhibited a simple moving average of C$8.21, and over the last 200 days, it averaged C$9.14. With a market capitalization of C$1.45 billion, its current price-to-earnings ratio sits at -11.00, indicating potential challenges. The company had a negative net margin of 11.96% and a negative return on equity of 9.27%. Recent earnings reports showed an EPS of C$0.05 for the quarter, which was above the expected C$0.03. This figure is an increase from the C$0.03 EPS posted during the same quarter last year. Analysts predict an EPS of approximately 0.155 for the current year.

Dividend Details

Additionally, Innergex recently announced a quarterly dividend, with $0.09 per share paid out to shareholders recorded on December 31st. This gives an annualized dividend of $0.36, translating to a yield of 5.03%. The ex-dividend date was also on December 31st, and the dividend payout ratio stands at -55.38%.

About Innergex Renewable Energy

Founded over three decades ago, Innergex has developed a strong belief in fostering healthier communities through renewable energy. In 2023, the company gained recognition as one of Canada’s top corporate citizens by Corporate Knights. Innergex operates as an independent renewable power producer, involved in developing, acquiring, owning, and managing hydroelectric plants, wind farms, solar facilities, and energy storage systems, with a focus on creating a sustainable future.

Should You Consider Investing in Innergex?

As investors analyze whether to put money into Innergex Renewable Energy, it's essential to review market analysis. Top-performing research analysts are tracking various stocks and have identified several that are currently viewed more favorably than INE. For those interested in potential investments, it may be beneficial to explore these alternatives for greater insights.

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