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

Shares of Innergex Renewable Energy Inc. (TSE:INE) traded up 54.8% during trading on Tuesday . The company 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 Upgrades and Downgrades

A number of analysts recently commented on the stock. TD Securities upped 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 research note on Friday. CIBC decreased their target price on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. National Bankshares decreased their target price on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Cormark decreased their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Finally, Scotiabank decreased their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The stock’s fifty day moving average price is C$7.80 and its 200 day moving average price is C$8.79. The stock has a market cap 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 has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44.

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.