Canaccord Genuity Downgrades Innergex Renewable Energy to Hold (INE)
Innergex Renewable Energy (TSE:INE) was downgraded by research analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a report released on Thursday, American Banking & Market News reports.
A number of other analysts have also recently weighed in on INE. Analysts at National Bank Financial raised their price target on shares of Innergex Renewable Energy from C$10.75 to C$11.25 in a research note on Wednesday. They now have a “sector perform” rating on the stock. Separately, analysts at Scotiabank raised their price target on shares of Innergex Renewable Energy from C$10.50 to C$11.00 in a research note on Wednesday. They now have a “sector perform” rating on the stock. Finally, analysts at NBF raised their price target on shares of Innergex Renewable Energy from C$10.75 to C$11.25 in a research note on Wednesday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Innergex Renewable Energy has an average rating of “Hold” and a consensus target price of C$11.00.
Innergex Renewable Energy (TSE:INE) traded down 2.64% during mid-day trading on Thursday, hitting $10.32. The stock had a trading volume of 157,011 shares. Innergex Renewable Energy has a one year low of $8.37 and a one year high of $11.43. The stock has a 50-day moving average of $10.44 and a 200-day moving average of $10.0. The company has a market cap of $989.3 million and a price-to-earnings ratio of 24.65.
Innergex Renewable Energy (TSE:INE) last released its earnings data on Wednesday, May 14th. The company reported ($0.30) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.05) by $0.25. Analysts expect that Innergex Renewable Energy will post $0.19 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.66%.
Innergex Renewable Energy Inc is a developer, owner and operator of run-of-river hydroelectric facilities, wind energy farms and of solar photovoltaic (TSE:INE) farms in North America.
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