Innergex Renewable Energy (TSE:INE) Trading 54.8% Higher – Should You 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 were traded 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.

Analysts Set New Price Targets

INE has been the topic of several recent research reports. Cormark lowered their price objective 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 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. 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. CIBC cut their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Finally, TD Securities raised their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research report on Friday, February 21st. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Innergex Renewable Energy presently has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The stock 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 quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44. The company’s 50-day moving average is C$7.90 and its 200-day moving average is C$8.82.

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.