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

Innergex Renewable Energy Inc. (TSE:INE) shares were up 54.8% on Wednesday . The company traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares were traded during trading, an increase of 1,052% from the average daily volume of 925,621 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

A number of brokerages have issued reports on INE. 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 reduced 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 research report on Tuesday, February 11th. Scotiabank cut their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Cormark lowered their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Finally, TD Securities upped their target price 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, February 21st. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Innergex Renewable Energy currently has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Performance

The stock’s 50 day moving average is C$7.90 and its two-hundred day moving average is C$8.82. The stock has a market capitalization of C$2.76 billion, a price-to-earnings 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.

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.