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

Innergex Renewable Energy Inc. (TSE:INE)’s share price traded up 54.8% during trading on Wednesday . The stock traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares changed hands during mid-day 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

A number of brokerages have commented on INE. CIBC reduced their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Scotiabank reduced their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. National Bankshares lowered their price target on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Raymond James reduced their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Finally, TD Securities upped their target price on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Friday, February 21st. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Price Performance

The company’s 50 day moving average price is C$7.90 and its 200 day moving average price is C$8.82. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The company has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.62, a P/E/G ratio of 20.61 and a beta of 0.36.

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.