Innergex Renewable Energy (TSE:INE) Trading 54.2% Higher – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE)’s share price shot up 54.2% during mid-day trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.43. 8,219,709 shares were traded during trading, an increase of 866% from the average session volume of 850,833 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Weigh In

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

Innergex Renewable Energy Stock Up 54.1 %

The firm has a market capitalization of C$2.75 billion, a price-to-earnings ratio of -21.52, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44. The company’s 50 day moving average price is C$7.80 and its 200 day moving average price is C$8.79.

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.