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

Innergex Renewable Energy Inc. (TSE:INE)’s share price traded up 54.8% during 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.

Analysts Set New Price Targets

INE has been the subject of several analyst reports. TD Securities boosted 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 note on Friday, February 21st. Raymond James reduced their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. National Bankshares lowered 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 reduced their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Finally, CIBC lowered their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Innergex Renewable Energy presently has a consensus rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Price 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 company has a market capitalization 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’s 50 day moving average price is C$7.90 and its 200-day moving average price 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.