Innergex Renewable Energy (TSE:INE) Shares Up 54.2% – What’s Next?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price rose 54.2% during mid-day trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.43. Approximately 9,097,362 shares were traded during mid-day trading, an increase of 939% from the average daily volume of 875,486 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. TD Securities boosted their target price on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research note on Friday. CIBC dropped their price objective on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. National Bankshares decreased 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 report on Tuesday, February 11th. Scotiabank lowered their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Finally, Cormark decreased their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Price Performance

The company has a market capitalization of C$2.76 billion, a price-to-earnings ratio of -21.56, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a fifty day simple moving average of C$7.80 and a two-hundred day simple moving average of C$8.79. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56.

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.