Innergex Renewable Energy (TSE:INE) Shares Up 54.3% – What’s Next?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price traded up 54.3% during trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.44. 9,579,648 shares traded hands during trading, an increase of 978% from the average session volume of 888,982 shares. The stock had previously closed at C$8.71.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Scotiabank reduced their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. TD Securities upped their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday. 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 cut their price target on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Finally, CIBC lowered their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Innergex Renewable Energy currently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Price Performance

The company has a 50-day moving average price of C$7.80 and a 200-day moving average price of C$8.79. The firm has a market capitalization of C$2.76 billion, a P/E ratio of -21.57, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56.

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.