Innergex Renewable Energy (TSE:INE) Stock Passes Above Two Hundred Day Moving Average – Time to Sell?

Innergex Renewable Energy Inc. (TSE:INE) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$10.45 and traded as high as C$13.62. Innergex Renewable Energy shares last traded at C$13.61, with a volume of 301,783 shares changing hands.

Analyst Ratings Changes

Several analysts have issued reports on the company. Scotiabank dropped their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Cormark lowered their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. TD Securities lifted their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research report on Friday, February 21st. Raymond James downgraded Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and lifted their target price for the company from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. Finally, National Bankshares downgraded Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from C$16.00 to C$13.75 in a research report on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Stock Performance

The company’s 50 day simple moving average is C$13.54 and its 200 day simple moving average is C$10.45. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The stock has a market cap of C$2.79 billion, a PE ratio of -21.83, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.36 annualized dividend and a yield of 2.65%. Innergex Renewable Energy’s payout ratio is -57.74%.

Innergex Renewable Energy Company Profile

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.