Innergex Renewable Energy (TSE:INE) Trading Up 54.3% – Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE) traded up 54.3% during trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.44. 9,579,648 shares traded hands during trading, an increase of 978% from the average session volume of 888,982 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

Several analysts recently commented on the stock. 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. Raymond James cut their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Scotiabank decreased their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Cormark lowered 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. Finally, TD Securities boosted their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Stock Performance

The stock has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.57, a PEG ratio of 20.61 and a beta of 0.36. 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 firm has a fifty day simple moving average of C$7.80 and a 200 day simple moving average of 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.