Raymond James Downgrades Innergex Renewable Energy (TSE:INE) to Market Perform

Raymond James cut shares of Innergex Renewable Energy (TSE:INE) from an outperform rating to a market perform rating in a report issued on Wednesday morning, MarketBeat Ratings reports. The firm currently has C$13.75 price objective on the stock, up from their previous price objective of C$11.50.

A number of other equities analysts have also weighed in on the stock. 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. Desjardins downgraded shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and dropped their target price for the stock from C$14.50 to C$13.75 in a report on Wednesday. TD Securities raised their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday, February 21st. National Bankshares downgraded Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from C$16.00 to C$13.75 in a research report on Wednesday. Finally, Cormark cut their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Innergex Renewable Energy presently has a consensus rating of “Hold” and an average target price of C$11.59.

Innergex Renewable Energy Trading Up 1.0 %

Shares of TSE:INE opened at C$13.60 on Wednesday. The stock has a 50 day moving average of C$8.22 and a 200 day moving average of C$8.91. The company has a market cap of C$2.79 billion, a PE ratio of -21.81, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. Innergex Renewable Energy has a 12-month low of C$6.98 and a 12-month high of C$13.60. The company has a current ratio of 0.56, a quick ratio of 0.58 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.