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

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

A number of other equities research analysts also recently weighed in on INE. Cormark reduced their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Scotiabank dropped 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. CIBC decreased their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. TD Securities boosted their price target 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. Finally, Raymond James decreased their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of C$11.59.

Innergex Renewable Energy Stock Performance

Shares of INE traded down C$0.02 during trading hours 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 firm has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.59, a PEG ratio of 20.61 and a beta of 0.36. The business has a fifty day moving average of C$7.90 and a 200-day moving average of C$8.82. Innergex Renewable Energy has a 12 month low of C$6.98 and a 12 month high of C$13.53. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44.

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.