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

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on INE. National Bankshares lowered their price target on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Raymond James decreased their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. TD Securities raised their price objective on 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 lowered their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Finally, Cormark cut their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Four 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, the company presently has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. The company has a market cap of C$2.76 billion, a PE ratio of -21.62, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company’s 50 day simple moving average is C$7.80 and its two-hundred day simple moving average 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.