Innergex Renewable Energy (TSE:INE) Rating Lowered to “Market Perform” at Raymond James

Innergex Renewable Energy (TSE:INE) was downgraded by Raymond James from an “outperform” rating to a “market perform” rating in a note issued to investors on Wednesday, MarketBeat.com reports. They presently have a C$13.75 target price on the stock, up from their previous target price of C$11.50. Raymond James’ price objective indicates a potential upside of 2.15% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Scotiabank decreased their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Cormark cut 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. Desjardins lowered shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and cut their target price for the stock from C$14.50 to C$13.75 in a research report on Wednesday. TD Securities upped their target price on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday, February 21st. Finally, CIBC cut their target price on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Innergex Renewable Energy presently has an average rating of “Hold” and an average price target of C$11.59.

Innergex Renewable Energy Stock Performance

Innergex Renewable Energy stock opened at C$13.46 on Wednesday. The stock 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. Innergex Renewable Energy has a fifty-two week low of C$6.98 and a fifty-two week high of C$13.53. The firm’s fifty day moving average price is C$8.11 and its 200-day moving average price is C$8.87. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56.

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.