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

Innergex Renewable Energy Inc. (TSE:INE) shares traded up 54.8% on Tuesday . The company traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares were traded during mid-day trading, an increase of 1,052% from the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

A number of equities analysts have weighed in on INE shares. National Bankshares decreased their target price on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. Scotiabank lowered their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Cormark cut their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. TD Securities raised their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday. Finally, CIBC dropped their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Stock 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 stock has a market cap of C$2.76 billion, a PE ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36. The company has a 50 day moving average price of C$7.90 and a two-hundred day moving average price of C$8.82.

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.