Innergex Renewable Energy (TSE:INE) Stock Price Up 54.3% – Time to Buy?

Shares of Innergex Renewable Energy Inc. (TSE:INE) traded up 54.3% during mid-day trading on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.44. 9,579,648 shares were traded during mid-day trading, an increase of 978% from the average session volume of 888,982 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

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

Innergex Renewable Energy Trading Up 54.4 %

The company’s 50 day simple moving average is C$7.80 and its two-hundred day simple moving average is C$8.79. The company has a market cap of C$2.76 billion, a PE ratio of -21.57, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58.

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.