Innergex Renewable Energy (TSE:INE) Hits New 1-Year Low – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE) reached a new 52-week low during trading on Tuesday . The company traded as low as C$7.02 and last traded at C$7.03, with a volume of 783743 shares trading hands. The stock had previously closed at C$7.28.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on INE. CIBC dropped their target price on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. 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. Finally, Cormark dropped their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Innergex Renewable Energy has a consensus rating of “Moderate Buy” and an average target price of C$11.94.

Innergex Renewable Energy Price Performance

The company has a debt-to-equity ratio of 428.86, a current ratio of 0.57 and a quick ratio of 0.58. The company has a 50-day simple moving average of C$8.05 and a two-hundred day simple moving average of C$9.00. The stock has a market capitalization of C$1.47 billion, a price-to-earnings ratio of -11.12, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy (TSE:INE) last issued its quarterly earnings results on Wednesday, November 6th. The company reported C$0.05 EPS for the quarter, beating analysts’ consensus estimates of C$0.03 by C$0.02. Innergex Renewable Energy had a negative return on equity of 9.27% and a negative net margin of 11.96%. During the same quarter last year, the business earned $0.03 EPS. On average, equities research analysts predict that Innergex Renewable Energy Inc. will post 0.1549878 earnings per share for the current year.

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.