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

Shares of Innergex Renewable Energy Inc. (TSE:INE) traded 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 traded hands during trading, an increase of 1,052% from the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. National Bankshares reduced 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 report on Tuesday, February 11th. Scotiabank cut their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. TD Securities boosted 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. Raymond James cut their price target on Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Finally, CIBC cut their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

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

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.