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

Innergex Renewable Energy Inc. (TSE:INE) rose 54.8% during mid-day trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares changed hands during mid-day trading, an increase of 1,052% from the average daily volume of 925,621 shares. The stock had previously closed at C$8.71.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on INE shares. TD Securities increased their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday. Scotiabank cut their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Cormark decreased 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. Raymond James cut their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Finally, National Bankshares lowered their price target on 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. Four investment 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 stock currently has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

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 firm has a 50-day moving average price of C$7.80 and a 200-day moving average price of C$8.79. The company 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.

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.