Innergex Renewable Energy (TSE:INE) Hits New 52-Week Low After Analyst Downgrade

Shares of Innergex Renewable Energy Inc. (TSE:INE) reached a new 52-week low 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. The stock had previously closed at C$7.12.

A number of other brokerages have also issued reports on INE. Cormark decreased 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. Scotiabank decreased their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Finally, CIBC dropped their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$11.94.

Innergex Renewable Energy Price Performance

The company has a market cap 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. 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 business has a 50-day moving average price of C$7.89 and a 200 day moving average price of C$8.89.

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.