Innergex Renewable Energy (TSE:INE) Stock Price Up 54.1% – Should You Buy?

Shares of Innergex Renewable Energy Inc. (TSE:INE) rose 54.1% during mid-day trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.42. Approximately 2,342,498 shares traded hands during trading, an increase of 248% from the average daily volume of 673,816 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

A number of analysts have recently commented on INE shares. Scotiabank cut their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. CIBC cut their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. National Bankshares reduced their price target on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research report on Tuesday, February 11th. TD Securities lifted their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research report on Friday. Finally, Cormark cut their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Stock Up 53.8 %

The company has a market capitalization of C$2.75 billion, a P/E ratio of -21.49, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. 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’s fifty day moving average is C$7.80 and its 200-day moving average is C$8.79.

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.