Innergex Renewable Energy (TSE:INE) Trading 54% Higher – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE)’s stock price shot up 54% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.41. 6,701,816 shares traded hands during mid-day trading, an increase of 833% from the average session volume of 718,551 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

Several research firms have recently weighed in on INE. Raymond James reduced their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. CIBC cut their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Cormark cut their price objective on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. TD Securities increased 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 note on Friday. Finally, National Bankshares dropped their target price on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently 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 cap of C$2.75 billion, a P/E ratio of -21.52, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The stock has a 50 day simple moving average of C$7.80 and a 200 day simple moving average of C$8.79. The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44.

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.