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

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

Wall Street Analyst Weigh In

INE has been the subject of several recent analyst reports. Raymond James reduced their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. National Bankshares reduced 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 note on Tuesday, February 11th. Scotiabank reduced 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. TD Securities boosted their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research note on Friday. Finally, CIBC reduced 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. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price 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 firm 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. The stock’s 50 day simple moving average is C$7.90 and its 200-day simple moving average is C$8.82.

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.