Innergex Renewable Energy (TSE:INE) Downgraded to “Sector Perform” Rating by National Bankshares

National Bankshares downgraded shares of Innergex Renewable Energy (TSE:INE) from an outperform rating to a sector perform rating in a research note published on Wednesday morning,BayStreet.CA reports. National Bankshares currently has C$13.75 price objective on the stock, down from their previous price objective of C$16.00.

Other equities research analysts have also recently issued research reports about the stock. Scotiabank dropped their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Raymond James dropped their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. TD Securities lifted 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. CIBC decreased their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Finally, Cormark decreased their price objective on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Price Performance

Shares of TSE INE opened at C$13.46 on Wednesday. The stock has a market capitalization 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. Innergex Renewable Energy has a 12 month low of C$6.98 and a 12 month high of C$13.53. The firm’s 50 day simple moving average is C$8.00 and its 200-day simple moving average is C$8.84. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58.

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.