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

Innergex Renewable Energy Inc. (TSE:INE) was up 54.8% during mid-day trading on Tuesday . 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.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. National Bankshares lowered 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 research report on Tuesday, February 11th. 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. TD Securities lifted their target price 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. Raymond James reduced their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Finally, Scotiabank lowered 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. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The business has a 50-day simple moving average of C$7.90 and a 200-day simple moving average of C$8.82. 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 company has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.62, a price-to-earnings-growth 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.