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

Innergex Renewable Energy Inc. (TSE:INE)’s share price rose 54.8% during mid-day trading on Wednesday . The stock traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares were traded 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.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on INE. 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. Scotiabank cut 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. National Bankshares lowered their price objective 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. TD Securities upped 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, February 21st. Finally, CIBC lowered their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

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 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 firm has a fifty day moving average of C$7.90 and a two-hundred day moving average of 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.