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

Innergex Renewable Energy (TSE:INE) was downgraded by investment analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. They currently have a C$13.75 price objective on the stock, up from their prior price objective of C$11.50. Raymond James’ price target would indicate a potential upside of 2.15% from the company’s current price.

Several other brokerages also recently commented on INE. TD Securities raised their target price on 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. Cormark reduced their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Desjardins downgraded Innergex Renewable Energy from a “buy” rating to a “tender” rating and reduced their target price for the company from C$14.50 to C$13.75 in a research note on Wednesday. CIBC reduced their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Finally, National Bankshares downgraded Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from C$16.00 to C$13.75 in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Innergex Renewable Energy presently has a consensus rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Stock Performance

INE stock opened at C$13.46 on Wednesday. The stock has a 50-day moving average price of C$8.11 and a 200-day moving average price of C$8.87. Innergex Renewable Energy has a 1-year low of C$6.98 and a 1-year high of C$13.53. The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The firm has a market cap of C$2.76 billion, a PE ratio of -21.59, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36.

Innergex Renewable Energy Company Profile

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.