Innergex Renewable Energy Inc. (TSE:INE) Forecasted to Post Q1 2024 Earnings of ($0.19) Per Share

Innergex Renewable Energy Inc. (TSE:INE) – Equities researchers at Cormark issued their Q1 2024 earnings per share (EPS) estimates for shares of Innergex Renewable Energy in a report released on Wednesday, May 1st. Cormark analyst N. Boychuk expects that the company will post earnings per share of ($0.19) for the quarter. The consensus estimate for Innergex Renewable Energy’s current full-year earnings is $0.08 per share. Cormark also issued estimates for Innergex Renewable Energy’s FY2024 earnings at ($0.20) EPS.

Innergex Renewable Energy (TSE:INE) last issued its earnings results on Wednesday, February 21st. The company reported C($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C($0.04) by C$0.01. The company had revenue of C$261.53 million during the quarter, compared to analyst estimates of C$264.85 million. Innergex Renewable Energy had a negative return on equity of 7.86% and a negative net margin of 9.45%.

A number of other research firms have also weighed in on INE. National Bankshares lifted their price objective on Innergex Renewable Energy from C$15.75 to C$17.00 and gave the company an “outperform” rating in a research note on Tuesday, January 9th. Desjardins reduced their price objective on Innergex Renewable Energy from C$14.00 to C$13.00 and set a “buy” rating for the company in a research note on Tuesday. BMO Capital Markets reduced their price objective on Innergex Renewable Energy from C$10.00 to C$9.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. TD Securities reduced their price objective on Innergex Renewable Energy from C$12.00 to C$10.00 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Finally, Raymond James cut their price target on Innergex Renewable Energy from C$15.00 to C$13.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$12.47.

Innergex Renewable Energy Stock Performance

TSE INE opened at C$8.48 on Friday. The stock has a 50-day simple moving average of C$8.12 and a two-hundred day simple moving average of C$8.70. The firm has a market capitalization of C$1.73 billion, a P/E ratio of -16.49, a PEG ratio of 20.61 and a beta of 0.35. Innergex Renewable Energy has a fifty-two week low of C$7.05 and a fifty-two week high of C$14.40. The company has a debt-to-equity ratio of 544.43, a quick ratio of 0.58 and a current ratio of 0.92.

Innergex Renewable Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 15th were paid a $0.09 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.36 annualized dividend and a dividend yield of 4.25%. Innergex Renewable Energy’s dividend payout ratio is presently -70.59%.

Insider Activity at Innergex Renewable Energy

In other news, Senior Officer Jean Trudel acquired 13,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were bought at an average cost of C$7.68 per share, for a total transaction of C$99,840.00. In other news, Director Richard Gagnon purchased 3,125 shares of Innergex Renewable Energy stock in a transaction dated Wednesday, February 28th. The shares were purchased at an average price of C$8.13 per share, with a total value of C$25,408.75. Also, Senior Officer Jean Trudel purchased 13,000 shares of Innergex Renewable Energy stock in a transaction dated Monday, February 26th. The shares were purchased at an average cost of C$7.68 per share, for a total transaction of C$99,840.00. Insiders acquired a total of 22,125 shares of company stock worth $174,975 in the last 90 days. Corporate insiders own 20.41% of the company’s stock.

Innergex Renewable Energy Company Profile

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.