Innergex Renewable Energy (TSE:INE) Trading Up 54.2% – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE)’s share price rose 54.2% during trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.43. Approximately 8,219,709 shares changed hands during mid-day trading, an increase of 866% from the average daily volume of 850,833 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

Several brokerages recently issued reports on INE. Scotiabank reduced their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Raymond James lowered their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. National Bankshares lowered their target price on shares of 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. CIBC cut their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Finally, Cormark reduced their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus 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 stock has a market cap of C$2.75 billion, a price-to-earnings ratio of -21.52, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a 50 day simple moving average of C$7.80 and a 200-day simple 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.