Innergex Renewable Energy (TSE:INE) Cut to Tender at Desjardins

Innergex Renewable Energy (TSE:INE) was downgraded by investment analysts at Desjardins from a “buy” rating to a “tender” rating in a note issued to investors on Wednesday,BayStreet.CA reports. They currently have a C$13.75 target price on the stock, down from their previous target price of C$14.50. Desjardins’ price target would indicate a potential upside of 2.15% from the stock’s previous close.

Other analysts also recently issued reports about the company. CIBC dropped their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. TD Securities raised their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Friday, February 21st. National Bankshares lowered shares of Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from C$16.00 to C$13.75 in a research note on Wednesday. Scotiabank decreased their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Finally, Raymond James decreased their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Price Performance

INE stock traded down C$0.02 on Wednesday, reaching C$13.46. The company had a trading volume of 3,905,150 shares, compared to its average volume of 1,001,575. Innergex Renewable Energy has a 1 year low of C$6.98 and a 1 year high of C$13.53. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The company’s fifty day moving average is C$7.90 and its 200 day moving average is C$8.82. The company has a market cap of C$2.76 billion, a P/E ratio of -21.59, a PEG 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.