Innergex Renewable Energy (TSE:INE) Reaches New 1-Year Low After Analyst Downgrade

Shares of Innergex Renewable Energy Inc. (TSE:INE) reached a new 52-week low during 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.

INE has been the subject of a number of other research reports. CIBC decreased their price objective on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Scotiabank decreased their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Finally, Cormark dropped their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$11.94.

Innergex Renewable Energy Stock Performance

The firm has a 50-day simple moving average of C$7.89 and a two-hundred day simple moving average of C$8.89. The company has a current ratio of 0.57, a quick ratio of 0.58 and a debt-to-equity ratio of 428.86. The company has a market capitalization of C$1.49 billion, a price-to-earnings ratio of -11.32, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36.

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.