Innergex Renewable Energy (TSE:INE) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$9.07 and traded as high as C$13.50. Innergex Renewable Energy shares last traded at C$13.45, with a volume of 1,108,585 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. TD Securities raised their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday, February 21st. Desjardins downgraded shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and decreased their price target for the company from C$14.50 to C$13.75 in a research note on Wednesday, February 26th. Cormark cut their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Scotiabank reduced their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Finally, National Bank Financial downgraded Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of C$11.59.

Innergex Renewable Energy Stock Performance

The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44. The firm has a 50 day moving average price of C$9.07 and a 200 day moving average price of C$9.12. The stock has a market capitalization 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.

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.