Innergex Renewable Energy (TSE:INE) Stock Passes Above 200 Day Moving Average – Here’s Why

Innergex Renewable Energy Inc. (TSE:INE)’s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$9.24 and traded as high as C$13.57. Innergex Renewable Energy shares last traded at C$13.56, with a volume of 603,712 shares trading hands.

Analyst Ratings Changes

INE has been the topic of several analyst reports. Cormark cut their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Raymond James downgraded shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and increased their target price for the company from C$11.50 to C$13.75 in a research note on Wednesday, February 26th. Desjardins cut shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and dropped their price target for the stock from C$14.50 to C$13.75 in a research note on Wednesday, February 26th. 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 note on Friday, February 21st. Finally, National Bank Financial downgraded Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 25th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of C$11.59.

Innergex Renewable Energy Stock Down 0.2 %

The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The company has a fifty day simple moving average of C$9.73 and a two-hundred day simple moving average of C$9.30. The firm has a market capitalization of C$2.77 billion, a PE ratio of -21.70, a PEG 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.