Innergex Renewable Energy (TSE:INE) Trading 54.3% Higher – Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE) was up 54.3% during mid-day trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.44. Approximately 9,579,648 shares were traded during trading, an increase of 978% from the average daily volume of 888,982 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

INE has been the subject of several recent analyst reports. CIBC lowered their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. TD Securities lifted 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. Raymond James reduced their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. National Bankshares dropped their target price 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. Finally, Scotiabank lowered their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. 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, Innergex Renewable Energy has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Up 54.4 %

The stock has a market cap of C$2.76 billion, a P/E ratio of -21.57, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The firm has a 50 day simple moving average of C$7.80 and a 200-day simple moving average of C$8.79. The company has a quick ratio of 0.58, a current ratio of 0.56 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.