National Bankshares Downgrades Innergex Renewable Energy (TSE:INE) to Sector Perform

Innergex Renewable Energy (TSE:INE) was downgraded by equities research analysts at National Bankshares from an “outperform” rating to a “sector perform” rating in a report released on Wednesday,BayStreet.CA reports. They presently have a C$13.75 target price on the stock, down from their prior target price of C$16.00. National Bankshares’ price objective would indicate a potential upside of 2.15% from the stock’s current price.

INE has been the topic of several other research reports. TD Securities increased their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday, February 21st. Raymond James dropped their price target on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Scotiabank dropped their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Cormark decreased their price objective on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Finally, CIBC decreased their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Stock Performance

INE traded down C$0.02 on Wednesday, hitting C$13.46. The company had a trading volume of 3,905,150 shares, compared to its average volume of 1,001,575. The stock has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.59, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. Innergex Renewable Energy has a 1-year low of C$6.98 and a 1-year high of C$13.53. The company’s fifty day moving average price is C$7.90 and its 200 day moving average price is C$8.82.

Innergex Renewable Energy Company Profile

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.