Innergex Renewable Energy (TSE:INE) Trading Up 54.8% – Here’s Why

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Scotiabank decreased their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. TD Securities boosted their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday, February 21st. National Bankshares cut their price objective on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Cormark lowered their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Finally, Raymond James cut their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Price Performance

The company has a market capitalization of C$2.76 billion, a P/E ratio of -21.62, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. 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 company’s 50-day moving average price is C$7.90 and its two-hundred day moving average price is 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.