Innergex Renewable Energy (TSE:INE) Shares Up 54.8% – Here’s Why

Shares of Innergex Renewable Energy Inc. (TSE:INE) traded up 54.8% during trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares changed hands during trading, an increase of 1,052% from the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on INE shares. TD Securities upped 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 report on Friday. CIBC cut their target price on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. National Bankshares reduced their price objective on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. Raymond James lowered their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Finally, Scotiabank dropped their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Innergex Renewable Energy presently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Price Performance

The stock has a 50 day moving average price of C$7.80 and a two-hundred day moving average price of C$8.79. The company has a market capitalization of C$2.76 billion, a PE ratio of -21.62, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56.

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.