Innergex Renewable Energy (TSE:INE) Stock Price Up 54.8% – Time to Buy?

Innergex Renewable Energy Inc. (TSE:INE) shares rose 54.8% during mid-day trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares changed hands during mid-day 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 Analysts Forecast Growth

INE has been the subject of several research analyst reports. Raymond James cut their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. National Bankshares lowered their target price on 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. Cormark lowered their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Scotiabank lowered their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Finally, 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 note on Friday. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. The business has a 50 day moving average of C$7.90 and a 200 day moving average of C$8.82. The firm has a market capitalization of C$2.76 billion, a price-to-earnings 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.