Insider Buying: Innergex Renewable Energy Inc. (TSE:INE) Director Acquires 1,520 Shares of Stock

Innergex Renewable Energy Inc. (TSE:INEGet Rating) Director Richard Gagnon purchased 1,520 shares of the firm’s stock in a transaction that occurred on Thursday, May 12th. The shares were bought at an average price of C$16.46 per share, for a total transaction of C$25,019.20. Following the acquisition, the director now directly owns 5,170 shares in the company, valued at approximately C$85,098.20.

Shares of INE stock opened at C$17.04 on Friday. The stock’s 50-day moving average is C$18.60 and its 200 day moving average is C$18.55. The company has a debt-to-equity ratio of 373.46, a current ratio of 0.53 and a quick ratio of 0.38. Innergex Renewable Energy Inc. has a 1-year low of C$15.89 and a 1-year high of C$23.09. The company has a market cap of C$3.48 billion and a P/E ratio of -15.60.

Innergex Renewable Energy (TSE:INEGet Rating) last released its quarterly earnings results on Wednesday, February 23rd. The company reported C($0.06) EPS for the quarter. The business had revenue of C$202.39 million during the quarter. On average, analysts anticipate that Innergex Renewable Energy Inc. will post 0.45 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date is Wednesday, June 29th. Innergex Renewable Energy’s dividend payout ratio (DPR) is presently -65.93%.

Several analysts recently weighed in on INE shares. CSFB increased their price target on Innergex Renewable Energy from C$24.00 to C$25.00 in a report on Wednesday, April 20th. Credit Suisse Group upped their price objective on Innergex Renewable Energy from C$24.00 to C$25.00 and gave the company an “outperform” rating in a research report on Wednesday, April 20th. TD Securities raised Innergex Renewable Energy from a “hold” rating to a “buy” rating and cut their price objective for the company from C$21.00 to C$19.00 in a research report on Thursday. Raymond James set a C$24.00 price objective on Innergex Renewable Energy and gave the company an “outperform” rating in a research report on Thursday. Finally, Scotiabank dropped their price objective on Innergex Renewable Energy from C$26.50 to C$20.25 in a research report on Thursday, January 27th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Innergex Renewable Energy has a consensus rating of “Buy” and a consensus target price of C$23.48.

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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