Innergex Renewable Energy (TSE:INE) Stock Price Passes Above 200 Day Moving Average – Should You Sell?

Innergex Renewable Energy Inc. (TSE:INE) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$9.84 and traded as high as C$13.55. Innergex Renewable Energy shares last traded at C$13.55, with a volume of 712,488 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Scotiabank cut their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Desjardins lowered shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and dropped their price target for the company from C$14.50 to C$13.75 in a research report on Wednesday, February 26th. Cormark decreased their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Raymond James downgraded Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from C$11.50 to C$13.75 in a research note on Wednesday, February 26th. Finally, National Bankshares cut Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from C$16.00 to C$13.75 in a research report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of C$11.59.

Innergex Renewable Energy Stock Down 0.1 %

The stock’s 50 day moving average is C$12.24 and its 200 day moving average is C$9.89. The company has a market capitalization of C$2.76 billion, a PE ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56.

Innergex Renewable Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.67%. Innergex Renewable Energy’s payout ratio is -57.74%.

About Innergex Renewable Energy

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.