Innergex Renewable Energy (TSE:INE) Trading 54.8% Higher – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE) shares traded up 54.8% on Tuesday . The company traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares traded 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 Analysts Forecast Growth

Several equities analysts recently weighed in on INE shares. CIBC reduced their target price on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Cormark dropped their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. National Bankshares lowered their price objective on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research report on Tuesday, February 11th. Scotiabank lowered their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Finally, Raymond James reduced their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The business’s 50 day moving average is C$7.80 and its 200-day moving average is C$8.79. 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 firm has a market capitalization of C$2.76 billion, a price-to-earnings ratio of -21.62, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36.

About Innergex Renewable Energy

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.