Scotiabank Issues Pessimistic Forecast for Innergex Renewable Energy (TSE:INE) Stock Price

Innergex Renewable Energy (TSE:INE) had its price objective reduced by stock analysts at Scotiabank from C$11.50 to C$10.50 in a research report issued on Thursday,BayStreet.CA reports. Scotiabank’s target price would suggest a potential upside of 44.63% from the stock’s current price.

Separately, CIBC cut their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Innergex Renewable Energy has an average rating of “Moderate Buy” and an average target price of C$11.94.

Innergex Renewable Energy Trading Up 1.5 %

INE traded up C$0.11 during midday trading on Thursday, reaching C$7.26. 207,203 shares of the company were exchanged, compared to its average volume of 606,690. The company has a debt-to-equity ratio of 428.86, a quick ratio of 0.58 and a current ratio of 0.57. Innergex Renewable Energy has a one year low of C$7.05 and a one year high of C$10.96. The stock has a market capitalization of C$1.47 billion, a P/E ratio of -11.17, a PEG ratio of 20.61 and a beta of 0.36. The stock’s 50-day simple moving average is C$8.18 and its 200 day simple moving average is C$9.12.

Innergex Renewable Energy (TSE:INE) last released its quarterly earnings data on Wednesday, November 6th. The company reported C$0.05 earnings per share for the quarter, beating the consensus estimate of C$0.03 by C$0.02. Innergex Renewable Energy had a negative return on equity of 9.27% and a negative net margin of 11.96%. During the same quarter in the previous year, the firm posted $0.03 EPS. As a group, analysts forecast that Innergex Renewable Energy will post 0.1549878 earnings per share for the current fiscal year.

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.