Innergex Renewable Energy (TSE:INE) Trading 54.1% Higher – Still a Buy?

Innergex Renewable Energy Inc. (TSE:INE) shares shot up 54.1% during mid-day trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.42. 2,342,498 shares changed hands during mid-day trading, an increase of 248% from the average session volume of 673,816 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on INE. National Bankshares decreased their target price 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. TD Securities upped their price target 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. Raymond James dropped their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. CIBC decreased their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Finally, Scotiabank dropped their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. 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 MarketBeat, Innergex Renewable Energy presently has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Performance

The company has a 50-day simple moving average of C$7.80 and a two-hundred day simple moving average of C$8.79. 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 firm has a market capitalization of C$2.75 billion, a P/E ratio of -21.49, 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.