Innergex Renewable Energy (TSE:INE) Trading 54% Higher – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE) shares were up 54% on Tuesday . The company traded as high as C$13.53 and last traded at C$13.41. Approximately 6,628,616 shares changed hands during mid-day trading, an increase of 822% from the average daily volume of 718,551 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on INE. Raymond James decreased their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. TD Securities raised their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research report on Friday. Scotiabank dropped their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. National Bankshares reduced their price target on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Finally, CIBC dropped their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Innergex Renewable Energy currently has an average rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Price Performance

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$2.75 billion, a P/E ratio of -21.54, a P/E/G ratio of 20.61 and a beta of 0.36. The firm has a fifty day moving average of C$7.80 and a 200 day moving average of 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.