Innergex Renewable Energy (TSE:INE) Stock Passes Above 200 Day Moving Average – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$9.24 and traded as high as C$13.57. Innergex Renewable Energy shares last traded at C$13.56, with a volume of 603,712 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on INE. National Bank Financial cut Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 25th. 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. Raymond James downgraded shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. Cormark cut their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Finally, National Bankshares lowered Innergex Renewable Energy from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from C$16.00 to C$13.75 in a report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Price Performance

The stock has a 50 day moving average of C$9.73 and a 200-day moving average of C$9.30. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The company has a market cap of C$2.77 billion, a PE ratio of -21.70, a price-to-earnings-growth 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.