Innergex Renewable Energy (TSE:INE) Sets New 52-Week Low on Analyst Downgrade

Shares of Innergex Renewable Energy Inc. (TSE:INE) hit 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 trading hands. The stock had previously closed at C$7.12.

Several other equities research analysts also recently commented on the stock. Scotiabank cut 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. CIBC cut their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Finally, Cormark decreased their price objective on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Innergex Renewable Energy currently has an average rating of “Moderate Buy” and a consensus target price of C$11.94.

Innergex Renewable Energy Stock Performance

The stock has a fifty day simple moving average of C$7.89 and a two-hundred day simple moving average of C$8.89. 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 stock has a market capitalization of C$1.49 billion, a price-to-earnings ratio of -11.32, a P/E/G 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.