Innergex Renewable Energy (TSE:INE) Stock Price 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 were traded 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.

Analyst Upgrades and Downgrades

INE has been the subject of several research reports. Cormark decreased their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. TD Securities lifted 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 report on Friday. CIBC cut their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Scotiabank lowered their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Finally, Raymond James dropped their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Innergex Renewable Energy presently has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Price Performance

The firm has a fifty day moving average of C$7.80 and a 200 day moving average of C$8.79. The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The company has a market capitalization of C$2.76 billion, a P/E ratio of -21.62, a P/E/G 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.