As a pure-play renewable energy pick, Innergex Renewable Energy Inc. (OTC: INGXF) is one of the best on the market. While it is currently priced just above the $10 bargain price target, there’s still value here for investors who are willing to spend a little more.
Innergex is a Canadian company engaged in the acquisition, development, and operation of wind farms, solar farms, hydroelectric facilities, and geothermal facilities. It focuses purely on renewables, helping this stock to fit right into an alternative investment portfolio.
Revenue performance has been consistently strong in recent years. Total sales have increased for five consecutive years. In 2019, revenue grew 15.71% while gross income increased by 7.14%. The business is profitable with a 46.97% gross profit margin and a 73.45% EBITDA margin.
Utilities are compelling during the Coronavirus Pandemic. Innergex derives revenue mostly from government-backed contracts, which will secure its income during this difficult time. Analysts are predicting a $20.75 average target price, hinting at a huge upside for investors. With a dividend yield of 3.93%, this stock also offers income, which sets it apart from many of the alternative energy stocks in this price range.
- 1 Year Price Growth: 83%
- YTD Price Growth: 46%
- 3 Month Price Growth: -8.46%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.