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

Innergex Renewable Energy Inc. (TSE:INE) shares 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 traded 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 research analysts recently weighed in on the company. Scotiabank dropped their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note 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 on the stock in a report on Tuesday, February 11th. TD Securities boosted their target price on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday, February 21st. Raymond James decreased their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Finally, Cormark dropped their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Performance

The firm’s 50 day simple moving average is C$7.90 and its 200 day simple moving average is C$8.82. The firm has a market capitalization of C$2.76 billion, a price-to-earnings ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56.

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.