Innergex Renewable Energy (TSE:INE) Hits New 1-Year High – What’s Next?

Innergex Renewable Energy Inc. (TSE:INE) shares reached a new 52-week high during trading on Thursday . The company traded as high as C$13.60 and last traded at C$13.58, with a volume of 134973 shares traded. The stock had previously closed at C$13.56.

Wall Street Analysts Forecast Growth

INE has been the subject of a number of analyst reports. National Bank Financial lowered shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 25th. Scotiabank decreased their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Cormark decreased their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Desjardins lowered shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and decreased their price target for the company from C$14.50 to C$13.75 in a report on Wednesday, February 26th. Finally, Raymond James lowered shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and boosted their price target for the company from C$11.50 to C$13.75 in a report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of C$11.59.

Innergex Renewable Energy Stock Up 0.1 %

The firm has a market capitalization of C$2.78 billion, a P/E ratio of -21.72, a PEG ratio of 20.61 and a beta of 0.36. The firm’s 50-day moving average is C$9.84 and its 200 day moving average is C$9.32. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56.

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.