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

Shares of Innergex Renewable Energy Inc. (TSE:INE) traded up 54.8% during mid-day 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

Several analysts have weighed in on INE shares. Scotiabank decreased their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Cormark decreased their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. CIBC dropped their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. TD Securities boosted their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research note on Friday, February 21st. Finally, National Bankshares decreased their target price 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 issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Price Performance

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. 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 price of C$7.90 and a 200 day moving average price of C$8.82.

About Innergex Renewable Energy

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.