Innergex Renewable Energy (TSE:INE) Price Target Raised to C$11.50

Innergex Renewable Energy (TSE:INE) had its price target raised by equities research analysts at CIBC from C$11.00 to C$11.50 in a note issued to investors on Monday, BayStreet.CA reports. The firm presently has a “neutral” rating on the stock. CIBC’s price objective would indicate a potential upside of 14.09% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Desjardins boosted their price target on shares of Innergex Renewable Energy from C$13.00 to C$14.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Scotiabank boosted their price target on shares of Innergex Renewable Energy from C$10.50 to C$12.50 and gave the stock an “outperform” rating in a research note on Wednesday, June 12th. Finally, National Bankshares boosted their price target on shares of Innergex Renewable Energy from C$16.00 to C$17.00 and gave the stock an “outperform” rating in a research note on Thursday, July 4th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Innergex Renewable Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of C$12.25.

Innergex Renewable Energy Stock Performance

Shares of TSE:INE traded up C$0.14 on Monday, reaching C$10.08. The company’s stock had a trading volume of 94,699 shares, compared to its average volume of 727,690. The stock’s 50-day moving average is C$9.99 and its two-hundred day moving average is C$8.92. Innergex Renewable Energy has a 52-week low of C$7.05 and a 52-week high of C$13.34. The company has a debt-to-equity ratio of 546.12, a current ratio of 0.74 and a quick ratio of 0.58. The stock has a market capitalization of C$2.05 billion, a P/E ratio of -15.75, a PEG ratio of 20.61 and a beta of 0.34.

Innergex Renewable Energy (TSE:INE) last announced its earnings results on Wednesday, May 8th. The company reported C($0.11) EPS for the quarter, meeting analysts’ consensus estimates of C($0.11). Innergex Renewable Energy had a negative net margin of 11.78% and a negative return on equity of 10.13%. The business had revenue of C$242.54 million during the quarter, compared to analysts’ expectations of C$240.80 million. As a group, sell-side analysts forecast that Innergex Renewable Energy will post 0.0799919 EPS for the current year.

Insider Buying and Selling at Innergex Renewable Energy

In related news, Director Patrick Loulou acquired 11,000 shares of Innergex Renewable Energy stock in a transaction on Thursday, June 20th. The shares were purchased at an average cost of C$10.25 per share, for a total transaction of C$112,750.00. 20.44% of the stock is currently owned by insiders.

About Innergex Renewable Energy

Innergex Renewable Energy Inc operates as an independent renewable power producer in Canada, the United States, France, and Chile. It acquires, owns, develops, and operates renewable power-generating and energy storage facilities primarily in hydroelectric, wind, and solar power sectors. The company operates through three segments: Hydroelectric Power Generation, Wind Power Generation, and Solar Power Generation.