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

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

Several research analysts recently issued reports on INE shares. Scotiabank reduced their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. Cormark dropped their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. National Bankshares decreased 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. Raymond James lowered their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Finally, CIBC reduced their target price on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock Performance

The stock has a market cap of C$2.76 billion, a P/E ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36. The stock has a fifty day simple moving average of C$7.90 and a 200-day simple moving average of C$8.82. The company has a quick ratio of 0.58, a current ratio of 0.56 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.