Innergex Renewable Energy (TSE:INE) Shares Up 54.8% – Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE)’s share price traded up 54.8% during trading on Wednesday . The stock traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares changed hands 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.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on INE. Scotiabank cut their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Cormark cut their price target on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Raymond James decreased their price objective on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. CIBC cut their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Finally, National Bankshares reduced their target price on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Four 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.com, Innergex Renewable Energy presently has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The business’s 50 day simple moving average is C$7.90 and its 200 day simple moving average is C$8.82. 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 company 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.

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.