Innergex Renewable Energy (TSE:INE) Shares Up 54.8% – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE) traded up 54.8% during mid-day trading on Wednesday . The company traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares traded hands 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 analysts have recently weighed in on the stock. CIBC lowered their target price on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Scotiabank cut their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. National Bankshares reduced their price target 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. Raymond James cut their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Finally, TD Securities boosted their target price on shares of 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. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Innergex Renewable Energy currently has a consensus rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Stock Performance

The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The stock has a market capitalization of C$2.76 billion, a price-to-earnings ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36. The stock’s 50 day moving average is C$7.90 and its 200 day moving average is C$8.82.

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.