Innergex Renewable Energy (TSE:INE) Stock Price Up 54% – What’s Next?

Innergex Renewable Energy Inc. (TSE:INE)’s share price traded up 54% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.41. 6,520,346 shares changed hands during trading, an increase of 814% from the average session volume of 713,440 shares. The stock had previously closed at C$8.71.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on INE shares. National Bankshares reduced 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. 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. 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 report on Friday. Raymond James decreased their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Finally, Scotiabank reduced 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. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Price Performance

The business has a fifty day moving average of C$7.80 and a 200-day moving average of C$8.79. 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 market cap of C$2.75 billion, a PE ratio of -21.54, a PEG ratio of 20.61 and a beta of 0.36.

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.