Q2 2022 EPS Estimates for Innergex Renewable Energy Inc. (TSE:INE) Decreased by Raymond James

Innergex Renewable Energy Inc. (TSE:INEGet Rating) – Raymond James lowered their Q2 2022 earnings estimates for Innergex Renewable Energy in a report issued on Wednesday, May 11th. Raymond James analyst D. Quezada now forecasts that the company will earn $0.08 per share for the quarter, down from their previous estimate of $0.11. Raymond James currently has a “Outperform” rating and a $24.00 target price on the stock. Raymond James also issued estimates for Innergex Renewable Energy’s Q4 2022 earnings at $0.08 EPS and FY2023 earnings at $0.35 EPS.

Innergex Renewable Energy (TSE:INEGet Rating) last posted its earnings results on Wednesday, February 23rd. The company reported C($0.06) earnings per share for the quarter. The business had revenue of C$202.39 million during the quarter.

Several other brokerages have also commented on INE. Credit Suisse Group increased their price objective on Innergex Renewable Energy from C$24.00 to C$25.00 and gave the company an “outperform” rating in a report on Wednesday, April 20th. Scotiabank decreased their price objective on Innergex Renewable Energy from C$26.50 to C$20.25 in a report on Thursday, January 27th. CSFB increased their price objective on Innergex Renewable Energy from C$24.00 to C$25.00 in a report on Wednesday, April 20th. Finally, TD Securities upgraded Innergex Renewable Energy from a “hold” rating to a “buy” rating and decreased their price objective for the company from C$21.00 to C$19.00 in a report on Thursday. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of C$23.48.

Shares of INE opened at C$17.04 on Thursday. Innergex Renewable Energy has a 12 month low of C$15.89 and a 12 month high of C$23.09. The stock has a fifty day moving average price of C$18.60 and a 200-day moving average price of C$18.55. The company has a current ratio of 0.53, a quick ratio of 0.38 and a debt-to-equity ratio of 373.46. The firm has a market cap of C$3.48 billion and a PE ratio of -15.60.

In other news, Director Richard Gagnon bought 1,520 shares of the business’s stock in a transaction that occurred on Thursday, May 12th. The shares were purchased at an average cost of C$16.46 per share, with a total value of C$25,019.20. Following the transaction, the director now directly owns 5,170 shares in the company, valued at C$85,098.20.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.23%. The ex-dividend date of this dividend is Wednesday, June 29th. Innergex Renewable Energy’s payout ratio is -65.93%.

About Innergex Renewable Energy (Get Rating)

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 hydroelectric facilities, and wind and solar farms, as well as energy storage facilities. The company operates through three segments: Hydroelectric Power Generation, Wind Power Generation, and Solar Power Generation.

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