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

Innergex Renewable Energy Inc. (TSE:INE) rose 54.8% during trading on Wednesday . The company traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares were traded during trading, an increase of 1,052% from the average daily volume of 925,621 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

INE has been the subject of a number of recent analyst reports. CIBC lowered their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Scotiabank lowered their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. National Bankshares dropped their target price on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 11th. Raymond James reduced their price target on Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Finally, Cormark dropped their price objective on Innergex Renewable Energy from C$10.00 to C$9.50 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, the stock has an average rating of “Hold” and an average target price of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The stock has a 50 day moving average of C$7.90 and a 200 day moving average of C$8.82. The firm has a market capitalization of C$2.76 billion, a price-to-earnings ratio of -21.62, a P/E/G 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.

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.