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

Innergex Renewable Energy Inc. (TSE:INE) shares traded up 54% on Tuesday . The company traded as high as C$13.53 and last traded at C$13.41. 6,520,346 shares were traded 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 Ratings Changes

A number of equities analysts recently issued reports on INE shares. Raymond James decreased their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. CIBC reduced their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. TD Securities raised their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday. Cormark cut their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Finally, Scotiabank reduced their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Price Performance

The company’s 50-day simple moving average is C$7.80 and its 200 day simple moving average is C$8.79. The company has a market capitalization of C$2.75 billion, a P/E ratio of -21.54, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44.

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.