Innergex Renewable Energy (TSE:INE) Trading 54.3% Higher – What’s Next?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price was up 54.3% on Tuesday . The company traded as high as C$13.53 and last traded at C$13.44. Approximately 9,579,648 shares changed hands during mid-day trading, an increase of 978% from the average daily volume of 888,982 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

INE has been the topic of several recent analyst reports. TD Securities lifted their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research note on Friday. Scotiabank decreased their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Raymond James dropped their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. CIBC decreased their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Finally, National Bankshares dropped their price target on 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. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Price Performance

The stock has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.57, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a 50 day simple moving average of C$7.80 and a 200-day simple 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.

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.