Innergex Renewable Energy (TSE:INE) Trading Up 54.8% – What’s Next?

Shares of Innergex Renewable Energy Inc. (TSE:INE) traded up 54.8% during mid-day trading on Wednesday . The company traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares were traded 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

INE has been the subject of several recent analyst reports. National Bankshares dropped their target price on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. CIBC lowered 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 increased their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday, February 21st. Cormark reduced their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Finally, Scotiabank decreased their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Price Performance

The stock has a market cap 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. The business has a fifty day simple moving average of C$7.90 and a two-hundred day simple moving average of C$8.82. The company has a current ratio of 0.56, a quick ratio of 0.58 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.