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

Innergex Renewable Energy Inc. (TSE:INE) rose 54.8% during 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 1,069% from the average daily volume of 912,268 shares. The stock had previously closed at C$8.71.

Wall Street Analysts Forecast Growth

INE has been the subject of several research analyst reports. National Bankshares lowered 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. Cormark cut their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Scotiabank lowered their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. CIBC decreased their price objective on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Finally, Raymond James lowered their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Innergex Renewable Energy has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Stock Performance

The firm has a market capitalization of C$2.76 billion, a P/E ratio of -21.62, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. 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 business’s 50 day simple moving average is C$7.80 and its two-hundred day simple moving average is C$8.79.

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.