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

Innergex Renewable Energy Inc. (TSE:INE) shares 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 changed 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.

Wall Street Analyst Weigh In

INE has been the topic of a number of research analyst reports. TD Securities raised their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday, February 21st. Raymond James lowered their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. CIBC reduced their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. National Bankshares lowered their price objective 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 report on Tuesday, February 11th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The stock’s fifty day simple moving average is C$7.90 and its two-hundred day simple moving average is C$8.82. The stock 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.

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.