TD Securities Lowers Innergex Renewable Energy (TSE:INE) to Hold

Innergex Renewable Energy (TSE:INE) was downgraded by stock analysts at TD Securities from a “buy” rating to a “hold” rating in a research note issued on Friday, BayStreet.CA reports. They currently have a C$10.00 price objective on the stock. TD Securities’ price objective would suggest a potential upside of 5.82% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. National Bankshares lifted 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 report on Thursday, July 4th. CIBC lifted their price target on shares of Innergex Renewable Energy from C$11.00 to C$11.50 and gave the stock a “neutral” rating in a research report on Monday. Scotiabank lifted 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 report on Wednesday, June 12th. Desjardins boosted their price objective on shares of Innergex Renewable Energy from C$13.00 to C$14.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Finally, Cibc World Mkts upgraded shares of Innergex Renewable Energy to a “hold” rating in a report on Monday. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Innergex Renewable Energy currently has an average rating of “Moderate Buy” and an average price target of C$12.25.

Innergex Renewable Energy Price Performance

INE traded down C$0.29 during midday trading on Friday, hitting C$9.45. The company had a trading volume of 195,707 shares, compared to its average volume of 726,466. The company has a debt-to-equity ratio of 546.12, a quick ratio of 0.58 and a current ratio of 0.74. The company has a market capitalization of C$1.92 billion, a PE ratio of -14.94, a P/E/G ratio of 20.61 and a beta of 0.34. Innergex Renewable Energy has a twelve month low of C$7.05 and a twelve month high of C$13.34. The firm’s 50-day simple moving average is C$10.08 and its 200-day simple moving average is C$8.95.

Innergex Renewable Energy (TSE:INE) last posted its quarterly earnings data on Wednesday, May 8th. The company reported C($0.11) earnings per share for the quarter, meeting the consensus estimate of C($0.11). The firm had revenue of C$242.54 million during the quarter, compared to analysts’ expectations of C$240.80 million. Innergex Renewable Energy had a negative net margin of 11.78% and a negative return on equity of 10.13%. Equities research analysts predict that Innergex Renewable Energy will post 0.0799919 EPS for the current fiscal year.

Insider Buying and Selling at Innergex Renewable Energy

In related news, Director Patrick Loulou purchased 11,000 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were purchased at an average price of C$10.25 per share, with a total value of C$112,750.00. Insiders own 20.44% of the company’s stock.

Innergex Renewable Energy Company Profile

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.