Innergex Renewable Energy (TSE:INE) Stock Rating Lowered by Raymond James

Raymond James cut shares of Innergex Renewable Energy (TSE:INE) from an outperform rating to a market perform rating in a research note published on Wednesday,BayStreet.CA reports. Raymond James currently has C$13.75 price objective on the stock, up from their prior price objective of C$11.50.

A number of other equities analysts also recently commented on 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. National Bankshares lowered shares of Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from C$16.00 to C$13.75 in a research note on Wednesday. Scotiabank reduced their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Cormark decreased their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Finally, TD Securities raised their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday, February 21st. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Stock Performance

Shares of INE stock opened at C$13.46 on Wednesday. Innergex Renewable Energy has a fifty-two week low of C$6.98 and a fifty-two week high of C$13.53. The stock’s 50-day moving average is C$8.00 and its two-hundred day moving average is C$8.84. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. The firm 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.