Innergex Renewable Energy (TSE:INE) Trading 54.8% Higher – Should You Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s stock price traded 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. 10,662,261 shares traded hands during trading, an increase of 1,052% from the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

INE has been the topic of a number of analyst reports. CIBC reduced their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Scotiabank reduced their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Cormark lowered their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. National Bankshares reduced their price objective on shares of 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, TD Securities increased their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday, February 21st. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Innergex Renewable Energy has a consensus rating of “Hold” and a consensus 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 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. The company’s 50 day moving average is C$7.90 and its 200-day moving average is C$8.82.

About Innergex Renewable Energy

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.