Innergex Renewable Energy (TSE:INE) Hits New 1-Year High – What’s Next?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as C$13.60 and last traded at C$13.58, with a volume of 134973 shares. The stock had previously closed at C$13.56.

Analysts Set New Price Targets

Several brokerages have commented on INE. Desjardins cut shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and cut their price target for the stock from C$14.50 to C$13.75 in a research report on Wednesday, February 26th. Scotiabank cut 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. Raymond James cut shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from C$11.50 to C$13.75 in a research report on Wednesday, February 26th. TD Securities boosted their price target 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. Finally, National Bank Financial cut shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 25th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of C$11.59.

Innergex Renewable Energy Stock Performance

The firm has a market cap of C$2.78 billion, a price-to-earnings ratio of -21.72, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The stock’s 50 day moving average is C$9.84 and its 200 day moving average is C$9.32. The company has a current ratio of 0.56, a quick ratio of 0.58 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.