Innergex Renewable Energy (TSE:INE) Stock Price Up 54% – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE)’s share price traded up 54% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.41. 6,701,816 shares traded hands during trading, an increase of 833% from the average session volume of 718,551 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

A number of brokerages have recently commented on INE. Cormark dropped their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. National Bankshares cut their price objective on 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 decreased their target price on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Raymond James dropped their price target on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Finally, Scotiabank dropped their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Innergex Renewable Energy currently has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Stock Up 54.1 %

The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The business has a 50 day moving average of C$7.80 and a 200-day moving average of C$8.79. The stock has a market cap of C$2.75 billion, a PE ratio of -21.52, a P/E/G ratio of 20.61 and a beta of 0.36.

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.