Innergex Renewable Energy (TSE:INE) Sets New 12-Month Low – Time to Sell?

Innergex Renewable Energy Inc. (TSE:INE) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as C$6.98 and last traded at C$7.00, with a volume of 61039 shares changing hands. The stock had previously closed at C$7.12.

Wall Street Analysts Forecast Growth

INE has been the topic of a number of analyst reports. Cormark reduced their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Scotiabank reduced 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. Finally, CIBC reduced their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Innergex Renewable Energy has a consensus rating of “Moderate Buy” and an average price target of C$11.94.

Innergex Renewable Energy Price Performance

The company has a debt-to-equity ratio of 428.86, a current ratio of 0.57 and a quick ratio of 0.58. The stock has a market capitalization of C$1.43 billion, a PE ratio of -10.82, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The stock’s 50 day moving average is C$7.96 and its two-hundred day moving average is C$8.93.

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.