Innergex Renewable Energy Inc. to Post Q1 2024 Earnings of ($0.06) Per Share, Raymond James Forecasts (TSE:INE)

Innergex Renewable Energy Inc. (TSE:INE) – Equities researchers at Raymond James lowered their Q1 2024 earnings per share (EPS) estimates for Innergex Renewable Energy in a research report issued on Thursday, April 25th. Raymond James analyst D. Quezada now expects that the company will post earnings per share of ($0.06) for the quarter, down from their prior forecast of $0.04. Raymond James has a “Outperform” rating and a $13.00 price objective on the stock. The consensus estimate for Innergex Renewable Energy’s current full-year earnings is $0.08 per share. Raymond James also issued estimates for Innergex Renewable Energy’s Q3 2024 earnings at $0.01 EPS, Q4 2024 earnings at $0.02 EPS, FY2024 earnings at ($0.03) EPS and FY2025 earnings at $0.12 EPS.

Innergex Renewable Energy (TSE:INE) last posted its quarterly earnings results on Wednesday, February 21st. The company reported C($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of C($0.04) by C$0.01. The firm had revenue of C$261.53 million during the quarter, compared to the consensus estimate 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%.

Several other research analysts also recently commented on the company. National Bankshares lifted their target price on Innergex Renewable Energy from C$15.75 to C$17.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 9th. Desjardins reduced their target price on Innergex Renewable Energy from C$14.50 to C$14.00 and set a “buy” rating for the company in a research note on Friday, February 23rd. Royal Bank of Canada reduced their target price on Innergex Renewable Energy from C$13.00 to C$11.00 and set a “sector perform” rating for the company in a research note on Monday, February 12th. BMO Capital Markets reduced their target price 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. Finally, TD Securities reduced their target price 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. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$12.59.

Innergex Renewable Energy Stock Performance

Shares of TSE INE opened at C$7.94 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 544.43. Innergex Renewable Energy has a 12 month low of C$7.05 and a 12 month high of C$14.40. The stock has a 50 day moving average of C$8.05 and a 200-day moving average of C$8.73. The company has a market capitalization of C$1.62 billion, a P/E ratio of -15.57, a P/E/G ratio of 20.61 and a beta of 0.35.

Insider Activity at Innergex Renewable Energy

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

Innergex Renewable Energy Cuts Dividend

The company 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 of this dividend was Wednesday, March 27th. This represents a $0.36 annualized dividend and a yield of 4.53%. Innergex Renewable Energy’s dividend payout ratio (DPR) is presently -70.59%.

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.