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

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

A number of brokerages have commented on INE. Cormark lowered their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. CIBC cut their price objective on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Raymond James decreased their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Scotiabank cut their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Finally, TD Securities lifted their price objective 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, February 21st. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Innergex Renewable Energy currently has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Performance

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 firm has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.62, a P/E/G ratio of 20.61 and a beta of 0.36. The business’s 50-day simple moving average is C$7.90 and its two-hundred day simple moving average is C$8.82.

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.