Innergex Renewable Energy (TSE:INE) Shares Up 54.8% – What’s Next?

Innergex Renewable Energy Inc. (TSE:INE) shares traded up 54.8% on Tuesday . The company traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares changed hands during trading, an increase of 1,069% from the average session volume of 912,268 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

A number of equities research analysts have issued reports on INE shares. 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 report on Tuesday, February 11th. Cormark reduced their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. TD Securities lifted their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday. CIBC reduced their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Finally, Raymond James cut their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Price Performance

The firm has a 50 day moving average price of C$7.80 and a two-hundred day moving average price of C$8.79. The company has a market cap of C$2.76 billion, a P/E 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 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.