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

Shares of Innergex Renewable Energy Inc. (TSE:INE) shot up 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 traded hands during trading, an increase of 1,052% from the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. CIBC reduced their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Raymond James dropped their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. 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. Scotiabank decreased 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. Finally, 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 report on Tuesday, February 11th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Innergex Renewable Energy currently has a consensus rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Price Performance

The business has a fifty day moving average of C$7.80 and a 200 day moving average of C$8.79. The stock has a market cap of C$2.76 billion, a PE ratio of -21.62, a P/E/G 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.

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.