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

Innergex Renewable Energy Inc. (TSE:INE) shares shot up 54.8% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares were traded during mid-day trading, an increase of 1,069% from the average session volume of 912,268 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

Several research firms have commented on INE. Scotiabank lowered their price objective on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research report on Thursday, January 30th. TD Securities increased 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 report on Friday. Raymond James reduced their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. CIBC lowered their price objective on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Finally, Cormark cut their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The company has a 50-day simple moving average of C$7.80 and a 200 day simple moving average of C$8.79. The company has a market cap of C$2.76 billion, a P/E ratio of -21.62, a P/E/G 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.