Innergex Renewable Energy (TSE:INE) Reaches New 12-Month Low Following Analyst Downgrade

Innergex Renewable Energy Inc. (TSE:INE) reached a new 52-week low during mid-day trading on Tuesday after National Bankshares lowered their price target on the stock from C$17.00 to C$16.00. National Bankshares currently has an outperform rating on the stock. Innergex Renewable Energy traded as low as C$6.98 and last traded at C$7.00, with a volume of 61039 shares changing hands. The stock had previously closed at C$7.12.

Several other research firms have also issued reports on INE. CIBC reduced their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Cormark reduced 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. Finally, Scotiabank dropped their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$11.94.

Innergex Renewable Energy Stock Performance

The company has a debt-to-equity ratio of 428.86, a quick ratio of 0.58 and a current ratio of 0.57. The firm has a market cap of C$1.49 billion, a P/E ratio of -11.32, a P/E/G ratio of 20.61 and a beta of 0.36. The company’s 50 day moving average is C$7.89 and its 200 day moving average is C$8.89.

Innergex Renewable Energy Company Profile

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.