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

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

Wall Street Analyst Weigh In

INE has been the topic of a number of analyst reports. CIBC decreased their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Scotiabank decreased their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. National Bankshares cut their price objective 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. Cormark reduced their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Finally, TD Securities boosted their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday, February 21st. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Innergex Renewable Energy currently has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The stock has a 50 day simple moving average of C$7.90 and a 200 day simple moving average of C$8.82. The firm has a market capitalization 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.