Innergex Renewable Energy (TSE:INE) Trading Up 54% – Time to Buy?

Innergex Renewable Energy Inc. (TSE:INE) shares shot up 54% during mid-day trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.41. 6,701,816 shares were traded during mid-day trading, an increase of 833% from the average session volume of 718,551 shares. The stock had previously closed at C$8.71.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Scotiabank decreased their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Raymond James dropped their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. Cormark dropped their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. TD Securities lifted their price target on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research report on Friday. Finally, CIBC lowered their price objective on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Innergex Renewable Energy has a consensus rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Stock Up 54.1 %

The company has a 50 day moving average price of C$7.80 and a 200-day moving average price of C$8.79. 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 stock has a market capitalization of C$2.75 billion, a PE ratio of -21.52, 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.