CIBC Issues Pessimistic Forecast for Innergex Renewable Energy (TSE:INE) Stock Price

Innergex Renewable Energy (TSE:INE - Get Free Report) had its target price decreased by analysts at CIBC from C$11.50 to C$11.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. CIBC's price objective points to a potential upside of 24.72% from the stock's previous close.

Other equities research analysts have also issued research reports about the company. TD Securities lowered Innergex Renewable Energy from a "buy" rating to a "hold" rating and set a C$10.00 price target for the company. in a research note on Friday, July 26th. Cormark cut Innergex Renewable Energy from a "moderate buy" rating to a "hold" rating in a research report on Friday, August 9th. Cibc World Mkts raised Innergex Renewable Energy to a "hold" rating in a report on Monday, July 22nd. Scotiabank cut their price objective on shares of Innergex Renewable Energy from C$12.50 to C$11.50 in a report on Thursday. Finally, BMO Capital Markets boosted their target price on shares of Innergex Renewable Energy from C$11.00 to C$11.50 in a report on Thursday, September 5th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of C$12.38.

Innergex Renewable Energy Stock Performance

Shares of INE stock traded down C$0.18 during mid-day trading on Thursday, reaching C$8.82. 398,643 shares of the company's stock traded hands, compared to its average volume of 645,364. The company has a debt-to-equity ratio of 428.86, a quick ratio of 0.58 and a current ratio of 0.57. The firm has a market capitalization of C$1.79 billion, a PE ratio of -13.57, 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$7.05 and a 12 month high of C$10.96. The firm has a 50 day moving average price of C$9.64 and a two-hundred day moving average price of C$9.55.

Innergex Renewable Energy (TSE:INE - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported C($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of C($0.02) by C($0.01). Innergex Renewable Energy had a negative net margin of 11.96% and a negative return on equity of 9.27%. The company had revenue of C$239.51 million for the quarter, compared to the consensus estimate of C$256.60 million. On average, research analysts forecast that Innergex Renewable Energy will post 0.1549878 EPS for the current year.

About Innergex Renewable Energy

Innergex Renewable Energy Inc operates as an independent renewable power producer in Canada, the United States, France, and Chile. It acquires, owns, develops, and operates renewable power-generating and energy storage facilities primarily in hydroelectric, wind, and solar power sectors. The company operates through three segments: Hydroelectric Power Generation, Wind Power Generation, and Solar Power Generation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.