Innergex Renewable Energy (TSE:INE) Trading 54% Higher – Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE) shares traded up 54% during trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.41. 6,628,616 shares changed hands during mid-day trading, an increase of 822% from the average session volume of 718,551 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

INE has been the subject of a number of research reports. TD Securities upped their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research report on Friday. Raymond James lowered their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. CIBC dropped their price objective on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. National Bankshares reduced their target price on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Finally, Scotiabank dropped their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Trading Up 54.2 %

The stock’s 50-day simple moving average is C$7.80 and its two-hundred day simple moving average is C$8.79. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. The firm has a market capitalization of C$2.75 billion, a P/E ratio of -21.54, a price-to-earnings-growth 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.