Innergex Renewable Energy (TSE:INE) Reaches New 1-Year High – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE) shares reached a new 52-week high during trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.44, with a volume of 1715230 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

INE has been the topic of several research reports. National Bankshares lowered their target price on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. TD Securities increased their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Friday. Cormark cut 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. Scotiabank lowered their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Finally, CIBC cut their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Stock Up 54.0 %

The firm has a market cap of C$2.75 billion, a price-to-earnings ratio of -21.51, a PEG ratio of 20.61 and a beta of 0.36. The firm has a fifty day moving average price of C$7.80 and a 200-day moving average price of C$8.79. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44.

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.