Innergex Renewable Energy (TSE:INE) Stock Price Up 54.3% – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE)’s stock price was up 54.3% during trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.44. Approximately 9,579,648 shares traded hands during trading, an increase of 978% from the average daily volume of 888,982 shares. The stock had previously closed at C$8.71.

Analyst Upgrades and Downgrades

INE has been the subject of a number of recent research reports. Raymond James lowered their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Cormark dropped their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Scotiabank decreased their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. National Bankshares dropped their target price on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Finally, TD Securities upped their price objective 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. Four equities 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 presently has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Trading Up 54.4 %

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 50 day moving average of C$7.80 and a 200 day moving average of C$8.79. The firm has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.57, 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.