Innergex Renewable Energy (TSE:INE) Shares Pass Above 200 Day Moving Average – What’s Next?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$9.97 and traded as high as C$13.51. Innergex Renewable Energy shares last traded at C$13.51, with a volume of 1,029,821 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Raymond James lowered shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and upped their price target for the stock from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. National Bank Financial lowered Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Scotiabank dropped their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Desjardins downgraded Innergex Renewable Energy from a “buy” rating to a “tender” rating and decreased their target price for the company from C$14.50 to C$13.75 in a research note on Wednesday, February 26th. Finally, Cormark dropped their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Innergex Renewable Energy has an average rating of “Hold” and an average price target of C$11.59.

Innergex Renewable Energy Trading Up 0.2 %

The company has a market cap of C$2.77 billion, a PE ratio of -21.67, a P/E/G ratio of 20.61 and a beta of 0.36. The stock’s 50 day moving average is C$12.74 and its 200-day moving average is C$9.97. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44.

Innergex Renewable Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Monday, March 31st. Innergex Renewable Energy’s payout ratio is -57.74%.

About Innergex Renewable Energy

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada’s best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world.