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

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

Several equities analysts recently issued reports on the stock. Raymond James cut their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Scotiabank cut their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Cormark decreased their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. CIBC cut their price objective 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 price objective on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Innergex Renewable Energy currently has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The firm’s 50-day moving average is C$7.90 and its two-hundred day moving average is C$8.82. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. 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.

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.