Innergex Renewable Energy (TSE:INE) Hits New 52-Week High – Time to Buy?

Innergex Renewable Energy Inc. (TSE:INE) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$13.60 and last traded at C$13.58, with a volume of 134973 shares. The stock had previously closed at C$13.56.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on INE. National Bank Financial cut shares of Innergex Renewable Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 25th. Scotiabank decreased their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. 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 report on Friday, February 21st. Raymond James cut shares of Innergex Renewable Energy from an “outperform” rating to a “market perform” rating and raised their price target for the stock from C$11.50 to C$13.75 in a report on Wednesday, February 26th. Finally, Desjardins cut shares of Innergex Renewable Energy from a “buy” rating to a “tender” rating and decreased their price target for the stock from C$14.50 to C$13.75 in a report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Innergex Renewable Energy currently has an average rating of “Hold” and an average price target of C$11.59.

Innergex Renewable Energy Trading Down 0.1 %

The company has a fifty day moving average of C$9.61 and a 200-day moving average of C$9.27. 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$2.78 billion, a price-to-earnings ratio of -21.73, a PEG ratio of 20.61 and a beta of 0.36.

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.