Image source: Shutterstock

Highlights

  • Innergex Renewable Energy posted 13% growth in revenue during Q2 2023, taking the tally to CAD 269.5 million, as compared to CAD 238.5 million in pcp.
  • INE’s net income was recorded at CAD 24.8 million in Q2 2023, while its earning before income tax was measured at CAD 27.5 million.
  • At present the company has an operating facility of 3,676 MW.

A renewable power producer, Innergex Renewable Energy Inc (TSX: INE) is involved in acquisition, development, and operation of wind, hydroelectric, and solar facilities in the USA, Canada, Chile and France. The company generates revenue mainly through the sale of power from its hydroelectric plants and wind farms.

During the second quarter of 2023, the company posted 13% growth in revenue, taking the tally to CAD 269.5 million, as compared to CAD 238.5 million in Q2 2022. The increase was mainly because of the contribution from the recent acquisitions of the solar facilities in Sault Ste and several wind farms in Chile. At present, the company has an operating facility of 3,676 MW.

The group’s net income was recorded at CAD 24.8 million in Q2 2023, while its earning before income tax was measured at CAD 27.5 million.

Also, the company has announced to pay a quarterly dividend of CAD 0.18 per share in October this year. It is offering a healthy dividend yield of 5.89%.

 

 

Top 10 Shareholders

Total 48.31% of the shareholding of the company are held by its top ten shareholders. While Hydro-Québec hold a maximum stake of ­­­19.81% in the firm, 1832 Asset Management L.P. holds over 8% of the total shareholding.

Stock Price Performance
The company stock has fallen by more than 1.04% over the last one month. In the last three months, it has decreased by approximately 11.97%. The stock’s 52-week high and 52-week low price stand at CAD 20.455 and CAD 11.85, respectively.

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is September 7, 2023. The reference data in this report has been partly sourced from EODHD/Others.