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

Innergex Renewable Energy Inc. (TSE:INE)’s share price 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 changed hands 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.

Wall Street Analysts Forecast Growth

INE has been the topic of a number of research reports. National Bankshares decreased their price target on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Cormark decreased their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Raymond James cut their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research note on Monday. TD Securities lifted their price objective 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. Finally, Scotiabank reduced their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

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 firm’s fifty day moving average is C$7.80 and its 200-day moving average is C$8.79. The stock has a market capitalization of C$2.76 billion, a PE ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36.

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.