Innergex Renewable Energy (TSE:INE) Trading 54.8% Higher – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE) shot 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 traded hands during mid-day 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 Analysts Forecast Growth

Several research analysts recently weighed in on INE shares. TD Securities upped their price target on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday, February 21st. Raymond James reduced their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Scotiabank decreased their target price on Innergex Renewable Energy from C$11.50 to C$10.50 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 research report on Thursday, November 7th. Finally, National Bankshares decreased their price objective 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 research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The business’s 50 day simple moving average is C$7.90 and its 200 day simple moving average is C$8.82. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. The company has a market capitalization of C$2.76 billion, a PE ratio of -21.62, a P/E/G 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.