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

Shares of Innergex Renewable Energy Inc. (TSE:INE) traded up 54.8% on Wednesday . The company 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.

Analysts Set New Price Targets

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

Innergex Renewable Energy Price Performance

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 PE ratio of -21.62, a P/E/G ratio of 20.61 and a beta of 0.36. The stock has a fifty day moving average price of C$7.90 and a 200-day moving average price of C$8.82.

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.