Scotiabank Cuts Innergex Renewable Energy (TSE:INE) Price Target to C$10.50

Innergex Renewable Energy (TSE:INE) had its price objective dropped by equities research analysts at Scotiabank from C$11.50 to C$10.50 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. Scotiabank’s price objective suggests a potential upside of 44.63% from the stock’s previous close.

Separately, CIBC dropped their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$11.94.

Innergex Renewable Energy Stock Performance

Innergex Renewable Energy stock traded up C$0.11 during mid-day trading on Thursday, reaching C$7.26. The company’s stock had a trading volume of 207,203 shares, compared to its average volume of 606,690. Innergex Renewable Energy has a twelve month low of C$7.05 and a twelve month high of C$10.96. The firm has a market cap of C$1.47 billion, a price-to-earnings ratio of -11.17, a PEG ratio of 20.61 and a beta of 0.36. The company has a current ratio of 0.57, a quick ratio of 0.58 and a debt-to-equity ratio of 428.86. The business has a 50 day moving average price of C$8.18 and a 200-day moving average price of C$9.12.

Innergex Renewable Energy (TSE:INE) last announced its quarterly earnings results on Wednesday, November 6th. The company reported C$0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.03 by C$0.02. Innergex Renewable Energy had a negative net margin of 11.96% and a negative return on equity of 9.27%. During the same quarter in the prior year, the business earned $0.03 earnings per share. Sell-side analysts predict that Innergex Renewable Energy will post 0.1549878 EPS for the current fiscal year.

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.