Innergex Renewable Energy (TSE:INE) Hits New 12-Month Low After Analyst Downgrade

Innergex Renewable Energy Inc. (TSE:INEGet Free Report)’s stock price hit a new 52-week low during mid-day trading on Monday after Royal Bank of Canada lowered their price target on the stock from C$13.00 to C$11.00. Royal Bank of Canada currently has a sector perform rating on the stock. Innergex Renewable Energy traded as low as C$8.00 and last traded at C$8.09, with a volume of 181683 shares changing hands. The stock had previously closed at C$8.25.

Several other research firms also recently weighed in on INE. Raymond James cut their price target on Innergex Renewable Energy from C$21.50 to C$15.00 and set an “outperform” rating on the stock in a research note on Thursday, October 26th. BMO Capital Markets cut their price target on Innergex Renewable Energy from C$17.50 to C$14.00 and set an “outperform” rating on the stock in a research note on Thursday, November 9th. National Bankshares upped their price target on Innergex Renewable Energy from C$15.75 to C$17.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 9th. Desjardins increased their target price on Innergex Renewable Energy from C$14.00 to C$14.50 and gave the company a “buy” rating in a research note on Monday, January 29th. Finally, TD Securities cut their target price on Innergex Renewable Energy from C$15.00 to C$12.00 and set a “buy” rating on the stock in a research note on Wednesday, October 18th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$14.81.

Check Out Our Latest Stock Analysis on INE

Innergex Renewable Energy Stock Down 4.7 %

The company has a market capitalization of C$1.61 billion, a price-to-earnings ratio of -45.94, a price-to-earnings-growth ratio of 20.61 and a beta of 0.38. The company has a debt-to-equity ratio of 440.26, a current ratio of 0.96 and a quick ratio of 0.58. The firm’s 50-day simple moving average is C$9.07 and its two-hundred day simple moving average is C$10.29.

About Innergex Renewable Energy

(Get Free Report)

Innergex Renewable Energy Inc operates as an independent renewable power producer in Canada, the United States, France, and Chile. It acquires, owns, develops, and operates hydroelectric facilities, and wind and solar farms, as well as energy storage facilities. The company operates through three segments: Hydroelectric Power Generation, Wind Power Generation, and Solar Power Generation.

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