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

Innergex Renewable Energy Inc. (TSE:INE)’s share price was up 54.8% on Tuesday . The company traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares were traded during mid-day trading, an increase of 1,052% from the average daily volume of 925,621 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Raymond James decreased their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Scotiabank decreased their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Cormark lowered their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. TD Securities raised their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday. 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 investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Price Performance

The stock has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.62, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44. The company’s 50-day moving average is C$7.90 and its 200-day moving average is C$8.82.

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.