Innergex Renewable Energy (TSE:INE) Trading 54.2% Higher – Should You Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price traded up 54.2% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.43. 8,219,709 shares changed hands during mid-day trading, an increase of 866% from the average session volume of 850,833 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. TD Securities raised their price target 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. Raymond James reduced their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Cormark decreased their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Scotiabank cut their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Finally, National Bankshares reduced their price objective on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Price 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 company has a market capitalization of C$2.75 billion, a price-to-earnings ratio of -21.52, a PEG ratio of 20.61 and a beta of 0.36. The stock’s 50-day simple moving average is C$7.80 and its two-hundred day simple moving average is C$8.79.

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.