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

Shares of Innergex Renewable Energy Inc. (TSE:INE) shot up 54.8% 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.

Analysts Set New Price Targets

Several research firms recently commented on INE. CIBC decreased their price objective on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. National Bankshares lowered their price target on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 11th. Cormark dropped 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. TD Securities upped their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Friday, February 21st. Finally, Scotiabank dropped their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Innergex Renewable Energy currently has a consensus rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Price Performance

The company has a market capitalization of C$2.76 billion, a price-to-earnings ratio of -21.62, a P/E/G ratio of 20.61 and a beta of 0.36. The company 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 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.