Innergex Renewable Energy (TSE:INE) Trading 54% Higher – Time to Buy?

Shares of Innergex Renewable Energy Inc. (TSE:INE) rose 54% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.41. Approximately 6,520,346 shares were traded during mid-day trading, an increase of 814% from the average daily volume of 713,440 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Weigh In

Several research firms recently commented on INE. TD Securities raised their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research note on Friday. Cormark lowered their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Raymond James cut their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. National Bankshares decreased their price target 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. Finally, Scotiabank dropped their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Price 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 business has a fifty day simple moving average of C$7.80 and a 200 day simple moving average of C$8.79. The stock has a market capitalization of C$2.75 billion, a P/E ratio of -21.54, 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.