Innergex Renewable Energy (TSE:INE) Stock Passes Above 200 Day Moving Average - Here's What Happened

Shares of Innergex Renewable Energy Inc. (TSE:INE - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-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.

Analysts Set New Price Targets

INE has been the subject of several research reports. National Bankshares cut shares of Innergex Renewable Energy from an "outperform" rating to a "sector perform" rating and lowered their price objective for the company from C$16.00 to C$13.75 in a research report on Wednesday, February 26th. Desjardins lowered shares of Innergex Renewable Energy from a "buy" rating to a "tender" rating and lowered their price target for the company from C$14.50 to C$13.75 in a report on Wednesday, February 26th. TD Securities upped their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a "hold" rating in a report on Friday, February 21st. Raymond James cut Innergex Renewable Energy from an "outperform" rating to a "market perform" rating and lifted their target price for the company from C$11.50 to C$13.75 in a research note on Wednesday, February 26th. Finally, National Bank Financial downgraded Innergex Renewable Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of C$11.59.

Remove Ads

Innergex Renewable Energy Stock Performance

The stock has a market cap of C$2.78 billion, a P/E ratio of -21.72, a PEG ratio of 20.61 and a beta of 0.36. The stock has a fifty day simple moving average of C$9.84 and a 200-day simple moving average of C$9.32. The company has a quick ratio of 0.58, a current ratio of 0.56 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.