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

Innergex Renewable Energy Inc. (TSE:INE)’s stock price was up 54.8% during trading on Wednesday . The company traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares were traded during mid-day trading, an increase of 1,052% from the average daily volume of 925,621 shares. The stock had previously closed at C$8.71.

Analyst Upgrades and Downgrades

INE has been the topic of a number of research reports. TD Securities raised their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday, February 21st. Cormark dropped their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Raymond James decreased their price target on Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Scotiabank dropped their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Finally, National Bankshares cut 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 report on Tuesday, February 11th. Four research 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, the company has an average rating of “Hold” and an average price target 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 stock’s fifty day moving average price is C$7.90 and its 200-day moving average price is C$8.82. The firm has a market cap 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.

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.