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

Innergex Renewable Energy Inc. (TSE:INE) shares traded up 54.2% during trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.43. 9,097,362 shares were traded during mid-day trading, an increase of 939% from the average session volume of 875,486 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

INE has been the topic of several recent research reports. CIBC cut their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Scotiabank cut their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. 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. Raymond James dropped their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Finally, Cormark reduced their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Price Performance

The firm has a 50-day moving average of C$7.80 and a 200 day moving average of C$8.79. The company has a market capitalization of C$2.76 billion, a PE ratio of -21.56, a PEG ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58.

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.