Q3 2024 Earnings Estimate for Innergex Renewable Energy Inc. Issued By National Bank Financial (TSE:INE)

Innergex Renewable Energy Inc. (TSE:INE) – Equities researchers at National Bank Financial cut their Q3 2024 earnings estimates for Innergex Renewable Energy in a research note issued to investors on Monday, April 8th. National Bank Financial analyst R. Merer now expects that the company will earn $0.07 per share for the quarter, down from their previous estimate of $0.08. The consensus estimate for Innergex Renewable Energy’s current full-year earnings is $0.12 per share. National Bank Financial also issued estimates for Innergex Renewable Energy’s Q4 2024 earnings at $0.07 EPS.

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

INE has been the topic of a number of other reports. CIBC increased their price target on shares of Innergex Renewable Energy from C$9.00 to C$9.50 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Royal Bank of Canada cut their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.00 and set a “sector perform” rating on the stock in a report on Monday, February 12th. Raymond James dropped 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. TD Securities dropped their price target 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, National Bankshares boosted their target price on shares of Innergex Renewable Energy from C$15.75 to C$17.00 and gave the company an “outperform” rating in a report on Tuesday, January 9th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Innergex Renewable Energy currently has a consensus rating of “Moderate Buy” and an average price target of C$13.36.

Innergex Renewable Energy Stock Down 1.7 %

Shares of TSE INE opened at C$8.09 on Wednesday. Innergex Renewable Energy has a one year low of C$7.05 and a one year high of C$15.23. The company has a debt-to-equity ratio of 544.43, a current ratio of 0.92 and a quick ratio of 0.58. The firm’s 50 day simple moving average is C$8.09 and its two-hundred day simple moving average is C$8.92. The stock has a market capitalization of C$1.65 billion, a P/E ratio of -15.86, a PEG ratio of 20.61 and a beta of 0.37.

Insiders Place Their Bets

In other Innergex Renewable Energy news, Director Daniel Lafrance purchased 5,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was acquired at an average cost of C$8.35 per share, for a total transaction of C$41,750.00. In other news, Director Richard Gagnon bought 3,125 shares of the stock in a transaction dated Wednesday, February 28th. The stock was purchased at an average cost of C$8.13 per share, for a total transaction of C$25,408.75. Also, Director Daniel Lafrance bought 5,000 shares of the stock in a transaction dated Wednesday, March 13th. The shares were purchased at an average price of C$8.35 per share, with a total value of C$41,750.00. Insiders acquired 22,125 shares of company stock worth $174,975 in the last three months. 24.06% of the stock is owned by company insiders.

Innergex Renewable Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, April 15th will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 4.45%. Innergex Renewable Energy’s dividend payout ratio (DPR) is presently -70.59%.

About Innergex Renewable Energy

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.