Innergex Renewable Energy (TSE:INE) Stock Price Up 54% – Time to Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price shot up 54% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.41. 6,628,616 shares traded hands during trading, an increase of 822% from the average session volume of 718,551 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on INE shares. Scotiabank decreased their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. TD Securities raised 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 report on Friday. National Bankshares reduced their target price on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. CIBC lowered their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Finally, Raymond James cut their price target on Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Stock Performance

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 stock’s 50 day moving average price is C$7.80 and its 200 day moving average price is C$8.79. The company has a market capitalization of C$2.75 billion, a price-to-earnings ratio of -21.54, a P/E/G ratio of 20.61 and a beta of 0.36.

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.