Cormark Has Optimistic Outlook of TSE:INE FY2024 Earnings

Innergex Renewable Energy Inc. (TSE:INE) – Analysts at Cormark increased their FY2024 EPS estimates for Innergex Renewable Energy in a research note issued to investors on Monday, October 21st. Cormark analyst N. Boychuk now expects that the company will post earnings of ($0.12) per share for the year, up from their previous 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 analysts have also recently weighed in on the stock. Cibc World Mkts upgraded shares of Innergex Renewable Energy to a “hold” rating in a research note on Monday, July 22nd. BMO Capital Markets upped their target price on shares of Innergex Renewable Energy from C$11.00 to C$11.50 in a research note on Thursday, September 5th. CIBC upped their target price on shares of Innergex Renewable Energy from C$11.00 to C$11.50 and gave the company a “neutral” rating in a research note on Monday, July 22nd. National Bankshares increased their price objective on shares of Innergex Renewable Energy from C$16.00 to C$17.00 and gave the company an “outperform” rating in a research note on Thursday, July 4th. Finally, TD Securities cut shares of Innergex Renewable Energy from a “buy” rating to a “hold” rating and set a C$10.00 price objective for the company. in a research note on Friday, July 26th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of C$12.56.

Innergex Renewable Energy Price Performance

Shares of Innergex Renewable Energy stock opened at C$9.72 on Thursday. The firm has a fifty day simple moving average of C$9.68 and a 200-day simple moving average of C$9.47. 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 stock has a market capitalization of C$1.97 billion, a price-to-earnings ratio of -14.95, a PEG ratio of 20.61 and a beta of 0.36.

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

Innergex Renewable Energy Dividend Announcement

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