Innergex Renewable Energy (TSE:INE) Trading 54.3% Higher – Should You Buy?

Innergex Renewable Energy Inc. (TSE:INE) shares were up 54.3% during mid-day trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.44. Approximately 9,579,648 shares changed hands during trading, an increase of 978% from the average daily volume of 888,982 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Cormark dropped their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. 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. Scotiabank reduced their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Raymond James dropped their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Finally, National Bankshares decreased their target price on 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. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Price Performance

The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The company has a market capitalization of C$2.76 billion, a PE ratio of -21.57, a P/E/G ratio of 20.61 and a beta of 0.36. The stock has a fifty day simple moving average of C$7.80 and a 200-day simple moving average of C$8.79.

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.