Innergex Renewable Energy (TSE:INE) Trading Up 54.8% – Time to Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price rose 54.8% on Wednesday . The company 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 Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. National Bankshares dropped their price objective 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 note on Tuesday, February 11th. Cormark dropped their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. TD Securities raised their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday, February 21st. Scotiabank lowered their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Finally, Raymond James dropped their target price on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Price Performance

The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The firm has a market capitalization of C$2.76 billion, a P/E ratio of -21.62, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The business has a fifty day moving average of C$7.90 and a 200-day moving average of C$8.82.

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.