In a latest note to investors, a research analyst has provided a rating update for the Utilities sector company, Innergex Renewable Energy (INE). Today, analyst Benjamin Pham gave a Hold rating to INE and set a C$15 price target.
According to TipRanks.com, Pham is a 5-star analyst with an average return of 7.4% and a 77.5% success rate. Pham covers the Utilities sector, focusing on stocks such as Brookfield Renewable Partners L.P., Pattern Energy, and TransAlta.
Currently, the analyst consensus on Innergex Renewable Energy is a Moderate Buy with an average price target of C$15.50, an 8.9% upside from current levels. In a report issued on February 7, Canaccord Genuity also reiterated a Hold rating on the stock with a C$14 price target.
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Based on Innergex Renewable Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$10.74 million. In comparison, last year the company had a net profit of C$7.11 million.
Innergex Renewable Energy, Inc. develops, acquires, owns and operates run-of-river hydroelectric facilities, wind farms, solar photovoltaic farms and geothermal power generation plants. The company conducts operations in Canada, the United States, France and Iceland.
The company’s shares closed on Wednesday at C$14.23.
