Short Interest in Innergex Renewable Energy Inc. (OTCMKTS:INGXF) Expands By 46.7%

Innergex Renewable Energy Inc. (OTCMKTS:INGXF – Get Rating) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totalling 2,045,900 shares, an increase of 46.7% from the March 15th total of 1,394,400 shares. Based on an average daily trading volume, of 4,400 shares, the days-to-cover ratio is currently 465.0 days.

A number of research analysts have recently commented on INGXF shares. Credit Suisse Group initiated coverage on shares of Innergex Renewable Energy in a research report on Wednesday, February 23rd. They set an “outperform” rating for the company. Raymond James dropped their price target on Innergex Renewable Energy from C$26.75 to C$24.00 in a research report on Thursday, February 24th. CIBC upgraded shares of Innergex Renewable Energy to an “outperform” rating in a research report on Tuesday, January 11th. Scotiabank decreased their price target on shares of Innergex Renewable Energy from C$26.50 to C$20.25 in a report on Thursday, January 27th. Finally, TD Securities downgraded shares of Innergex Renewable Energy from a “buy” rating to a “hold” rating in a report on Monday, April 4th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $23.88.

OTCMKTS:INGXF traded down $0.30 during mid-day trading on Friday, reaching $14.35. 935 shares of the company’s stock traded hands, compared to its average volume of 1,447. The company has a 50 day moving average price of $14.85 and a 200-day moving average price of $15.01. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 3.59. Innergex Renewable Energy has a 12-month low of $12.96 and a 12-month high of $18.99.

Innergex Renewable Energy (OTCMKTS:INGXF – Get Rating) last posted its earnings results on Wednesday, February 23rd. The company reported ($0.05) EPS for the quarter. Innergex Renewable Energy had a negative return on equity of 0.67% and a negative net margin of 25.27%. The company had revenue of $160.56 million during the quarter.

The firm also recently announced a dividend, which was paid on Friday, April 15th. Stockholders of record on Thursday, March 31st were issued a dividend of $0.1398 per share. This represents a dividend yield of 3.63%. The ex-dividend date of this dividend was Wednesday, March 30th. Innergex Renewable Energy’s dividend payout ratio (DPR) is presently -64.04%.

About Innergex Renewable Energy (Get Rating)

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 hydroelectric facilities, and wind and solar farms, as well as energy storage facilities. The company operates through three segments: Hydroelectric Power Generation, Wind Power Generation, and Solar Power Generation.

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