Innergex Renewable Energy (TSE:INE) Shares Up 53.8% – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE) shares traded up 53.8% during trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.40. 7,428,104 shares changed hands during mid-day trading, an increase of 795% from the average session volume of 830,219 shares. The stock had previously closed at C$8.71.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. CIBC reduced their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Raymond James decreased their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. TD Securities lifted their target price 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. National Bankshares reduced their price target 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 report on Tuesday, February 11th. Finally, Scotiabank lowered their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Trading Up 54.1 %

The company has a market cap of C$2.75 billion, a PE ratio of -21.52, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company’s 50 day simple moving average is C$7.80 and its two-hundred day simple moving average is C$8.79. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58.

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.