Innergex Renewable Energy (TSE:INE) Shares Up 54% – What’s Next?

Innergex Renewable Energy Inc. (TSE:INE) was up 54% during mid-day trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.41. Approximately 6,701,816 shares were traded during mid-day trading, an increase of 833% from the average daily volume of 718,551 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

INE has been the subject of several recent research reports. TD Securities raised their target price on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday. Raymond James reduced their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Cormark decreased their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. National Bankshares dropped their price target 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 note on Tuesday, February 11th. Finally, CIBC lowered their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Price Performance

The company’s 50 day moving average price is C$7.80 and its 200-day moving average price is C$8.79. The company has a market cap of C$2.75 billion, a price-to-earnings ratio of -21.52, a PEG 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.