Innergex Renewable Energy (TSE:INE) Shares Pass Above 200-Day Moving Average – What’s Next?

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 changing hands.

Analyst Ratings Changes

Several analysts have recently commented on INE shares. Desjardins cut shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and reduced their target price for the stock from C$14.50 to C$13.75 in a research note on Wednesday, February 26th. National Bank Financial cut shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Cormark decreased their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Scotiabank lowered their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Finally, Raymond James downgraded shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and raised their target price for the company from C$11.50 to C$13.75 in a report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Innergex Renewable Energy presently has an average rating of “Hold” and an average price target of C$11.59.

Innergex Renewable Energy Price Performance

The company has a fifty day simple moving average of C$9.50 and a two-hundred day simple moving average of C$9.24. 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 market capitalization of C$2.78 billion, a price-to-earnings ratio of -21.75, 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.