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

Innergex Renewable Energy Inc. (TSE:INE) shares were up 54.8% during mid-day trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares changed hands 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.

Wall Street Analysts Forecast Growth

INE has been the subject of a number of recent analyst reports. National Bankshares reduced their target price on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. CIBC reduced their price objective on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Cormark lowered their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. TD Securities boosted 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, Raymond James lowered their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Price Performance

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 50-day moving average is C$7.80 and its 200-day moving average is C$8.79. The company has a market capitalization of C$2.76 billion, a PE ratio of -21.62, a price-to-earnings-growth 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.