Innergex Renewable Energy (TSE:INE) Trading Up 54.8% – Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price rose 54.8% during mid-day trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares traded hands during trading, an increase of 1,052% from the average daily volume of 925,621 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on INE shares. National Bankshares dropped their price objective on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. CIBC dropped their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. TD Securities boosted their price objective 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. Cormark lowered their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Finally, Scotiabank cut 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 research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Innergex Renewable Energy currently has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Stock Performance

The stock has a market cap of C$2.76 billion, a PE ratio of -21.62, a P/E/G ratio of 20.61 and a beta of 0.36. The firm’s 50-day moving average is C$7.90 and its 200 day moving average is C$8.82. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56.

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.