Innergex Renewable Energy (TSE:INE) Stock Price Up 54.8% – Time to Buy?

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. National Bankshares cut their price target on 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 reduced 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. Scotiabank lowered their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Raymond James reduced their price target on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Finally, CIBC lowered their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Innergex Renewable Energy has a consensus rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The stock’s fifty day simple moving average is C$7.80 and its 200-day simple moving average is C$8.79. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. The firm has a market cap of C$2.76 billion, a PE ratio of -21.62, a PEG 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.