Innergex Renewable Energy (TSE:INE) Shares Pass Above 200 Day Moving Average – What’s Next?

Innergex Renewable Energy Inc. (TSE:INE) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$9.07 and traded as high as C$13.50. Innergex Renewable Energy shares last traded at C$13.45, with a volume of 1,108,585 shares.

Wall Street Analyst Weigh In

INE has been the subject of several 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 research report on Friday, February 21st. Cormark reduced 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. National Bank Financial lowered shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Scotiabank reduced their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Finally, National Bankshares lowered Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from C$16.00 to C$13.75 in a research note on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Stock Performance

The stock has a market capitalization of C$2.76 billion, a P/E ratio of -21.62, a PEG 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 has a 50-day moving average price of C$9.07 and a two-hundred day moving average price of C$9.12.

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.