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

Innergex Renewable Energy Inc. (TSE:INE)’s share price rose 54.8% on Tuesday . 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 Analyst Weigh In

A number of research analysts have recently issued reports on INE shares. TD Securities boosted their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday. 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. Raymond James cut their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Scotiabank dropped 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. Finally, CIBC reduced their price objective on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Four equities 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, the company currently has an average rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock Performance

The stock’s fifty day simple moving average is C$7.80 and its 200-day simple moving average is C$8.79. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44. The company has a market capitalization of C$2.76 billion, a PE ratio of -21.62, 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.