Innergex Renewable Energy (TSE:INE) Trading Up 54.1% – Should You Buy?

Innergex Renewable Energy Inc. (TSE:INE) shares rose 54.1% during mid-day trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.42. Approximately 2,342,498 shares changed hands during trading, an increase of 248% from the average daily volume of 673,816 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

Several brokerages have recently weighed in on INE. Cormark decreased their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Raymond James lowered their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. TD Securities raised their price target on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday. Scotiabank cut their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Finally, National Bankshares cut their target price 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 report on Tuesday, February 11th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Trading Up 53.8 %

The firm’s fifty day moving average is C$7.80 and its two-hundred day moving average is C$8.79. The firm has a market cap of C$2.75 billion, a P/E ratio of -21.49, a PEG ratio of 20.61 and a beta of 0.36. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44.

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.