Innergex Renewable Energy (TSE:INE) Shares Up 54.8% – Should You Buy?

Shares of Innergex Renewable Energy Inc. (TSE:INE) were up 54.8% during mid-day trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares changed 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.

Analyst Ratings Changes

A number of brokerages have weighed in on INE. Cormark cut their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Scotiabank reduced their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. CIBC dropped their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. National Bankshares cut their price target on 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. Finally, Raymond James lowered their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock 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 stock’s 50 day moving average price is C$7.90 and its 200 day moving average price is C$8.82. The company 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.

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.