Innergex Renewable Energy (TSE:INE) Shares Up 54.8% – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE) was up 54.8% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares changed hands during trading, an increase of 1,052% from the average daily volume of 925,621 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

A number of analysts recently issued reports on INE shares. Raymond James lowered their price target on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Scotiabank reduced their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. TD Securities lifted their price target on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research note on Friday. National Bankshares reduced their price objective 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. Finally, Cormark decreased 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. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The company’s 50 day moving average is C$7.80 and its 200 day moving average is C$8.79. The company 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 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.