Innergex Renewable Energy (TSE:INE) Stock Price Up 54.8% – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE)’s stock price shot up 54.8% during 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.

Analyst Upgrades and Downgrades

INE has been the subject of a number of research reports. TD Securities increased their price target on shares of 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. Raymond James decreased their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. CIBC lowered their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. National Bankshares reduced their price objective 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. Finally, Scotiabank decreased their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

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

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.