Raymond James Believes Innergex Renewable Energy (TSX: INE) Still Has Room to Grow

By Ryan Adsit

In a new note to investors today, an analyst has provided a rating update for Innergex Renewable Energy (INEResearch Report). The company received a Buy rating from Raymond James’ analyst David Quezada, with a C$17.50 price target.

Quezada has an average return of 11.8% when recommending Innergex Renewable Energy.

According to TipRanks.com, Quezada is ranked #577 out of 5249 analysts.

Innergex Renewable Energy has an analyst consensus of Moderate Buy, with a price target consensus of C$16.75.

Based on Innergex Renewable Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of C$6.75 million. In comparison, last year the company had a net profit of C$13.33 million.

Innergex Renewable Energy, Inc. engages in the development, acquisition, and operations of run-of-river hydroelectric facilities, wind farms, solar photovoltaic farms, and geothermal power generation plants. It operates through the following segments: Hydroelectric Generation, Wind Power Generation, Solar Power Generation, and Site Development.

The company’s shares closed on Friday at C$14.90, close to its 52-week high of C$14.97.