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

Shares of Innergex Renewable Energy Inc. (TSE:INE) shot up 54.8% during mid-day trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares traded 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.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. TD Securities raised their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday. Cormark decreased their price objective on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. CIBC cut their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Raymond James reduced their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Finally, Scotiabank lowered their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

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

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.