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

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

Analysts Set New Price Targets

Several equities research analysts have commented on INE shares. National Bankshares cut their price target on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 11th. Raymond James dropped their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. TD Securities raised their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Friday. Cormark dropped their price objective on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Finally, Scotiabank decreased their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Innergex Renewable Energy currently has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Performance

The stock has a market capitalization of C$2.76 billion, a price-to-earnings ratio of -21.57, a P/E/G ratio of 20.61 and a beta of 0.36. The company’s fifty day simple moving average is C$7.80 and its 200 day simple moving average is C$8.79. 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.