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

Shares of Innergex Renewable Energy Inc. (TSE:INE) traded up 54.8% during mid-day trading on Wednesday . The stock 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 1,052% from the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Raymond James cut their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. TD Securities boosted their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday, February 21st. Cormark decreased their price objective on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Scotiabank dropped their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Finally, National Bankshares reduced 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. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Performance

The stock has a market capitalization 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 stock has a 50 day simple moving average of C$7.90 and a two-hundred day simple moving average of C$8.82. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44.

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.